The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2016. The rates will be:
four (4) percent for overpayments (three (3) percent in the case of a corporation);
1 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.
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.
Courtesy of IRS
For more information contact Neikirk, Mahoney and Smith at 502-896-2999
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