The IRS said Wednesday, Feb. 21, that interest rates will remain the same for the calendar quarter beginning April 1.
For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates:
- 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
- 5.5% for the portion of a corporate overpayment exceeding $10,000.
- 8% for underpayments (taxes owed but not fully paid).
- 10% for large corporate underpayments.
The Internal Revenue Code determines the rate of interest on a quarterly basis. Learn more.