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IRS OVERPAYMENT AND UNDERPAYMENT INTEREST RATES DROP

June 02, 2004

The IRS announced that interest rates for refunds and underpayments for the third quarter of 2004 will drop by a full percentage point (IR 2004-76). The new rates:

   -4 percent for overpayments [3 percent 
   for corporation overpayments];
   -4 percent for underpayments;
   -6 percent for large corporate underpayments
   -an additional 1.5 percent for the portion of 
   a corporate overpayment exceeding $10,000.

Rev. Rul. 2004-56 (pdf file) has a table of historical underpayment and overpayment rates.

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