The Internal Revenue
Service announced that interest rates will remain the same for the calendar
quarter beginning July 1, 2012. The rates will be:
·
three(3) percent for
overpayments [two (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.
Under the Internal
Revenue Code, the rate of interest 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.
Generally, in the case
of a corporation, the underpayment rate is the federal short-term rate plus 3
percentage points and the overpayment rate is the federal short-term rate plus
2 percentage points. The rate for large corporate underpayments is the
federal short-term rate plus 5 percentage points. The rate on the portion
of a corporate overpayment of tax exceeding $10,000 for a taxable period is the
federal short-term rate plus one-half (0.5) of a percentage point.
The interest rates
announced are computed from the federal short-term rate determined during April
2012 to take effect May 1, 2012, based on daily compounding.
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