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Over/Underpayment Interest Rates Remain Unchanged
Over and Underpayment Interest Rates Remain Unchanged
The IRS has announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning April 1, 2013, will remain unchanged. The rates will be:
- 3 percent for overpayments, in cases other than corporations
- 2 percent for overpayments in the case of a corporation (except 0.5 percent for the portion of a corporate overpayment exceeding $10,000)
- 3 percent for underpayments (except 5 percent for large corporate underpayments)
The interest rates are computed from the federal short-term rate determined in January 2013, to take effect February 1, 2013, based on daily compounding.
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