Washington (Sept. 1, 2004) -- Interest rates for the calendar quarter beginning Oct. 1 are up by a percentage point, the Internal Revenue Service announced.

The new interest rates are computed from the federal short-term rate based on daily compounding determined in July.

The interest rates are: 5 percent for overpayments (4 percent in the case of a corporation); 5 percent for underpayments; 7 percent for large corporate underpayments; and 2.5 percent for the portion of a corporate overpayment exceeding $10,000.

-- WebCPA staff

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