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IRS UNDERPAYMENT, OVERPAYMENT RATES RISE FOR FOURTH QUARTER 2004
September 03, 2004
The rate of interest on unpaid taxes and underpayments of estimated taxes will rise to 5% for the fourth quarter of 2004, the IRS has announced (Rev. Rul. 2004-92). This rate also applies to individual refunds.
"Large" corporations have a higher underpayment rate - 7% for the fourth quarter. Interest on corporate overpayments and refunds will be 4%.
These rates are all a percentage point higher than the third quarter 2004 rates.
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