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IRS underpayment, overpayment rates drop for 2009 First Quarter

December 11, 2008

The IRS yesterday announced its interest rates on tax underpayments and overpayments for the first quarter of 2008:

- Five percent for overpayments [four percent in the case of a corporation];
- Five percent for underpayments;
- Seven percent for large corporate underpayments; and
- Two and one-half percent for the portion of a corporate overpayment exceeding $10,000.

These rates represent a 1 percentage-point drop from the fourth quarter of 2008.

Details at Revenue Ruling 2008-54.

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