Taxation & Estate Planning

INTEREST RATES FOR TAX OVERPAYMENTS AND UNDERPAYMENTS (JULY 2009 QUARTER)

By Charles Rubin

The IRS has announced the interest rates for tax overpayments and underpayments for the calendar quarter beginning July 1, 2009.

For noncorporate taxpayers, the rate for both underpayments and overpayments will be 4% (unchanged).

For corporations, the overpayment rate will be 3% (unchanged). Corporations will receive 1.5% (unchanged) for overpayments exceeding $10,000. The underpayment rate for corporations will be 4% (unchanged), but will be 6% (unchanged) for large corporate underpayments.

Rev. Rul. 2009-17

Full post as published by Rubin on Tax on May 31, 2009 (boomark / email).