Washington (Dec. 3, 2002) -- The Internal Revenue Service announced that the interest rates for the calendar quarter beginning January 1, 2003, will drop by one percentage point in each category to: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.
These are the lowest rates since a 1975 tax law change provided that interest rates would be adjusted based on money market rates.
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