The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning Oct. 1 as they were in the prior quarter.
The rates will be:
• Five (5) percent for overpayments, four percent in the case of a corporation;
• Two and one-half percent for the portion of a corporate overpayment exceeding $10,000;
• Five percent for underpayments; and
• Seven percent for large corporate underpayments.
Under the IRS Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.