IRS Lowers Interest Rates

14 December 2008 No Comment

The IRS announced on December 10, 2008 that interest rates for the first quarter would be reduced by 1%. The new rates will be:

Five (5) percent for overpayments [four (4) percent in the case of a corporation];

Five (5) percent for underpayments;

Seven (7) percent for large corporate underpayments; and

Two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000.

If you’re behind on your taxes, now’s a good time to get caught up.