Drake Software blog for tax pros, covering tax, IRS news, and more

IRS Releases Q2 Interest Rates

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

Taxing Subjects

The Taxing Subjects staff is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to the Taxing Subjects staff, email comments@taxingsubjects.com.

comments powered by Disqus