INSIGHTS & IDEAS

Overpayment and underpayment rates increase for the 2nd Quarter of 2011

IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning April 1, 2011, will increase by a full percentage point.  For noncorporate taxpayers, the rate for both underpayments and overpayments for the 2nd quarter of 2011 will be 4%.  For corporations, the overpayment rate for the 2nd quarter of 2011 will be 3%.   Corporations will receive 1.5% for overpayments exceeding $10,000.  The underpayment rate for the 2nd quarter of 2011 for corporations will be 4% but will be 6% for large corporate underpayments.

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