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IRS interest rates decrease
The Internal Revenue Service announced yesterday that its interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates will be:
- 3 percent for overpayments [2 percent in the case of a corporation];
- 0.5 percent for the portion of a corporate overpayment exceeding $10,000;
- 3 percent for underpayments; and
- 5 percent for large corporate underpayments.
Under the Internal Revenue 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 3 percentage points.