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IRS releases interest rates for 2nd quarter overpayments, underpayments

The IRS has released (Rev. Rul. 2010-9) the updated interest rates for amounts owed by and to the IRS for the three months begining October 1, 2009:

* four (4) percent for overpayments [three (3) percent in the case of a corporation];

* four (4) percent for underpayments;

* six (6) percent for large corporate underpayments; and

* one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.

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