IRS to Drop Interest Rates
The IRS has announced plans to drop the rate of interest on late tax payments to seven percent, effective July 1, 2001. The seven percent rate will apply to interest due on overpayments as well. The prior rate of eight percent will remain in effect through the end of June.
The rate for overpayments for corporations will drop to six percent on July 1. The rate for corporations with large underpayments which exceed $100,000 will be nine percent.
The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be four and one-half percent.
The information is published in the IRS News Release IR-2001-58 which includes tables of interest rates dating back to 1975.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.