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.