IRS News – Overpayments and Underpayments of Tax

Calculating interest ratesRecently, the IRS announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning April 1, 2013 will remain unchanged. The rates will be as follows:

  • 3 percent for overpayments, in cases other than corporations;
  • 2 percent for overpayments in the case of a corporation (except 0.5 percent for the portion of a corporate overpayment exceeding $10,000); and
  • 3 percent for underpayments (except 5 percent for large corporate underpayments).

If you have questions about these interest rates or other tax concerns, please contact Gray, Gray & Gray’s Tax Department at 781-407-0300 for more information.

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