IRS: Lower Interest Rate on Tax Over/Underpayments

AccountingWEB
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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.

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