The IRS has announced that interest rates will remain the same for the third quarter of 2023, which begins on Saturday, July 1.
The rates will be 7% for overpayments, 6% for corporate overpayments, 4.5% for the portion of corporate overpayment that exceeds $10,000, 7% for underpayments and 9% for large corporate underpayments. Read more.
The IRS determines the rate of interest on a quarterly basis under the Internal Revenue Code. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.