IRS to Drop Interest Rates

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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.

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