Interest rates increase for the second quarter of 2022

Author: External Author | | Categories: Accountants , Accounting Firm , Bank Reconciliation , Bookkeepers , Bookkeeping Services , Payroll Services , Small Business Accountant , Small Business Accounting , Small Business Bookkeeper , Small Business Services

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be:

  • 4% for overpayments (3% in the case of a corporation);
  • 1.5% for the portion of a corporate overpayment exceeding $10,000;
  • 4% for underpayments; and
  • 6% 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.

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Original Article Source Credits: IRS, https://www.irs.gov

Article Written By: NA

Original Article Posted on: February 23, 2022

Link to Original Article: https://www.irs.gov/newsroom/interest-rates-increase-for-the-second-quarter-of-2022



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