PHOENIX, Ariz. – The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Oct. 1.
The rates are:
* For overpayments, 3 percent, 2 percent in the case of a corporation.
* For underpayments, 3 percent.
* For large corporate underpayments, 5 percent.
* For the portion of a corporate overpayment exceeding $10,000, 1/2 percent.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. These interest rates are computed from the federal short-term rate determined during July 2012 and based on daily compounding.
For more information on the IRS, please visit its website.