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The IRS has announced that the interest rates for the calendar quarter beginning October 1, 2012, remain unchanged.

IRS Interest Rates Unchanged for 4th Quarter

  • 8/29/2012

IRS Interest Rates Unchanged for 4th Quarter

The IRS has announced that the interest rates for the calendar quarter beginning October 1, 2012, will remain at 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for underpayments, and 5 percent for large corporate underpayments. The interest rate for the portion of a corporate overpayment exceeding $10,000 remains at 0.5 percent. The interest rates are computed by using the federal short-term rate based on daily compounding determined during July 2012.

The Internal Revenue Code provides that the rate of interest is to be determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rates are the federal short-term rate plus three percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a tax period is the federal short-term rate plus one-half of a percentage point.

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