No Change in Third Quarter IRS Interest Rates
Third quarter interest rates are:
- Six (6) percent for overpayments and underpayments for taxpayers other than corporations.
- Five (5) percent for corporation overpayments
- Eight (8) percent for corporation underpayments
- Three and one-half (3.5) for the portion of a corporate overpayment exceeding $10,000.
The rate of interest is determined on a quarterly basis under the Internal Revenue Code. The overpayment and underpayment rate for taxpayers other than corporations is the federal short-term rate plus three percentage points. The underpayment rate for corporations is the federal short-term rate plus three percentage points while the rate for large corporate underpayments is the federal short-term rate plus five percentage points. The overpayment rate for corporations is the federal short-term rate plus two percentage points for overpayments not exceeding $10,000. For corporate overpayments exceeding $10,000 the interest rate if the federal short-term rate plus one-half (0.5) of a percentage point.