IRS Announces New Quarterly Interest Rates

The following quarterly interest rates for overpayments and underpayments of taxes will be effective for the calendar quarter beginning October 1, 2001:

  • Interest will remain at 7 percent for overpayments
  • Interest will remain at 6 percent for corporate overpayments
  • The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent
  • Interest will remain at 7% for underpayments
  • Interest will remain at 9% for large corporate underpayments

The interest rates were announced in Rev. Rul. 2001-47, which contains tables of all interest rates since 1975.

You may like these other stories...

Could the IRS disallow Ice Bucket Challenge charitable contributions?Unless you’ve been living under a rock, you’ve probably heard of – or participated in – the ALS Ice Bucket Challenge.I was...
As a general rule, a taxpayer can deduct the full amount of monetary contributions made to a qualified charitable organization, as long as certain substantiation requirements are met. These donations are typically made...
Hertz withdraws full-year forecast, cites accounting review, challengesRental car company Hertz Global Holdings Inc. said on Tuesday it is withdrawing its full-year financial forecast and expects 2014 results to be “...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.