IRS: Lower Interest Rate on Tax Over/Underpayments
by AccountingWeb on
The IRS has announced the following new quarterly interest rates for overpayments and underpayments of taxes, all of which represent a drop of one percentage point:
- 6% for overpayments
- 5% for corporate overpayments
- 3.5% for the portion of a corporate overpayment exceeding $10,000
- 6% for underpayments
The new interest rates will be effective for the quarter beginning January 1, 2002.