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Issue Number:? ? IR-2023-154Inside This IssueInterest 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:
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 announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2023-37, dated Sep. 11, 2023. Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message. |
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