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OWE THE IRS? YOUR INTEREST RATE GOES UP OCTOBER 1

August 29, 2008

The IRS has announced (Rev. Rul. 2008-47) the interest rates for tax overpayments and underpayments for the quarter beginning October 1. The rates are as follows.

- Individual overpayments and underpayments: 6% (from 5%)
- Corporate overpayments: 5% (from 4%)
- Corporate underpayments: 6% (from 5%)
- Large Corporation underpayments: 8% (from 7%)
- Corporation overpayments > $10,000: 3.5% (from 2.5%)

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