Recently, 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.