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IRS Lowers Its Interest Rates

Posted by taxguru on August 19, 2011

We’ll never see the IRS charge the same as the Federal Reserve charges its banks (0.00% to 0.25%), but it’s good that they are at least cutting us some slack; unlike some State tax agencies that never change the double digit interest rates they charge their taxpayers. 

Interest Rates Decrease for the Fourth Quarter of 2011

The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Oct. 1, 2011. The rates will be:  

  • three (3) percent for overpayments [two (2) percent in the case of a corporation];
  • three (3) percent for underpayments;
  • five (5) percent for large corporate underpayments; and
  • zero and one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

 

Courtesy of TimeValue Software:

From Tax Info

 

 

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