Rates Going Up This April, May, and June

Last week, the IRS released the corrected Q2 interest rates, indicating the first such increase since Q4 2010. An official revenue ruling, dated April 4, 2016, will be posted in the Internal Revenue Bulletin to outline these rates:

• four (4) percent for overpayments [three (3) percent in the case of a corporation];

• one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;

• four (4) percent for underpayments; and

• six (6) percent for large corporate underpayments.

To learn more about how these rates are calculated, read the full announcement.

Source: Internal Revenue Service