Interest rates will remain the same for the first quarter of 2021, the IRS recently announced.
For taxpayers other than corporations, the overpayment and underpayment interest rate is a federal short-term rate plus three percentage points.
Generally, in the case of corporations, the underpayment rate is the federal short-term rate plus 3 percentage points, and the overpayment rate is the federal short-term rate plus 2 percentage points.
The interest rates took effect Nov. 1, 2020.