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What is Interest Accrual on Section 4958 Taxes about?

1) Interest on taxes due under section 4958(a) begins to accrue on the date the return reporting the tax is due, which is generally May 15 of the year following the taxable year in which the excess benefit transaction occurred. 2) Section 4958(a) imposes an excise tax that is considered a tax, not a penalty, so the exception for penalties in section 6601(e) does not apply. 3) Prior court cases found analogous excise tax provisions to be taxes rather than penalties based on them being self-assessing and d

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