The Internal Revenue Service today announced that interest rates will stay the same for the quarter beginning Apr. 1, 2013.
Like what you see? Click here to sign up for Accounting Today's daily newsletter to get the latest news and behind the scenes commentary you won't find anywhere else.
The rates will be:
- Three (3) percent for overpayments (2 percent in the case of a corporation);
- Three (3) percent for underpayments;
- Five (5) percent for large corporate underpayments; and,
- One-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
The interest rate 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.
The Q2 interest rates were computed from the federal short-term rate determined during January 2013 to take effect Feb. 1, 2013, based on daily compounding.
Revenue Ruling 2013-6 will appear in Internal Revenue Bulletin 2013-13, dated March 25, 2013.