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Corporate Interest Rates Hold Steady for Third Quarter 2012
The IRS has announced that the third quarter interest rates on overpayments and underpayments of tax will remain unchanged. The rates will be:
- Three percent for overpayments, for other than corporations
- Two percent for overpayments in the case of a corporation (except 5 percent for the portion of a corporate overpayment exceeding $10,000)
- Three percent for underpayments (except 5 percent for large corporate underpayments)
Comment: The interest rates are computed from the federal short-term rate determined during April 2012, to take effect May 1, 2012, based on daily compounding. The short-term rate pursuant to Code Sec. 1274(d) is rounded to the nearest full percentage, which has been zero for interest computations since October 1, 2011; making these recent overpayment and underpayment rates the lowest possible under the current code.
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