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March 7, 2012 Tax Watch: The IRS has released the interest rates on tax overpayments and underpayments for the calendar quarter beginning on April 1, 2012. The rates will be the same as the first quarter 2012.

Over and Underpayment Interest Rates Hold Steady

  • 3/7/2012

Over and Underpayment Interest Rates Hold Steady

The IRS has released the interest rates on tax overpayments and underpayments for the calendar quarter beginning on April 1, 2012. The rates will be the same as the first quarter 2012:

  • 3 percent for underpayments and noncorporate overpayments.
  • 2 percent for corporate overpayments.
  • 5 percent for large corporate underpayments.
  • 0.5 percent for corporate overpayments exceeding $10,000.

Comment: In all computations under Code Sec. 6621, which sets the under- and over-payment rates, the short-term federal rate that is added to each of the fixed statutory rates is to be rounded to the nearest full percent (increased to the next full percent if a multiple of 0.5 percent). For the last three quarters, which have seen rates at historic lows, those instructions required rounding down to zero, which therefore continue to bottom out the overpayment/underpayment rates to their lowest levels possible under the statute.

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