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IRS RATES FOR UNDERPAYMENTS, OVERPAYMENTS UP FOR 4TH QUARTER
September 02, 2005
The IRS announced yesterday (Rev. Rul. 2005-62) that the interest rates applied to tax underpayments and refunds will increase by a percentage point for the 4th quarter of 2005. The new rates:
* Seven (7) percent for overpayments [six (6) percent in the case of a corporation];
* Seven (7) percent for underpayments;
* Nine (9) percent for large corporate underpayments; and
* Four and one-half (4.5) percent for the portion of a corporate overpayment exceeding $10,000.
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