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IRS Newswire Aug. 25, 2023

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Issue Number:? ? IR-2023-154

Inside This Issue

*Interest rates increase for the fourth quarter 2023 ?*

?

IR-2023-154, Aug. 25, 2023?

WASHINGTON ? The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023.?

For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.? Here is a complete list of the new rates:


* 8% for overpayments (payments made in excess of the amount owed),
* 7% for corporations.5.5% for the portion of a corporate overpayment exceeding $10,000.
* 8% for underpayments (taxes owed but not fully paid).
* 10% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.? For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points.? The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.? The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during July 2023.? See the revenue ruling for details.

Revenue Ruling 2023-17 [ [link removed] ] announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2023-37, dated Sep. 11, 2023.

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