PHOENIX — The Internal Revenue Service has announced interest rates for the calendar quarter beginning Oct. 1, 2017.
According to the announcement, rates will remain the same, including:
- Four percent for overpayments (3 percent in the case of a corporation).
- One and a half percent for the portion of a corporate overpayment exceeding $10,000.
- Four percent for underpayments.
- Six 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.
Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points, and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half of a percentage point.
The interest rates announced are computed from the federal short-term rate determined during July 2017, to take effect Aug. 1, 2017, based on daily compounding.
Revenue ruling 2017-18, announcing the rates of interest will appear in Internal Revenue Bulletin 2017-39, dated Sept. 25, 2017.
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IRS has announced that they are showing a substantial profit in 2016, up from 2015 as they become more shrewd and cunning on how to steal the citizens money. The have now bought Jerry Brown, Governor of California in an under the table deal in order to maximize their profit center.
This is Utah dumdum, not California. Talk about our own governor who raises taxes to lower wages.