(Internal Revenue Service) – The IRS has announced interest rates remain in effect for the 2nd calendar quarter, which begins April 1.
For individuals, the rate remains at 8% per year compounded daily for overpayment or underpayment. Corporation rate is at 7% for overpayments up to $10,000, 5.5% exceeding $10,000, and 10% for large underpayments.
The interest rate is calculated on a quarterly basis by the IRS. For non-corporate taxpayers, the rate equals the federal short-term rate plus three percentage points.
Corporate rates are figured as above on underpayment, at plus two percentage points for overpayment, and at plus five percentage points on overpayment more than $10,000.
