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IRS Newswire August 21, 2024
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Issue Number: IR-2024-220
Inside This Issue
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*Interest rates remain the same for the fourth quarter of 2024*
WASHINGTON — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024.
For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.
Here’s a complete list of the new rates:
* 8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
* 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 three percentage points.
Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five 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 2024.
See Revenue Ruling 2024-18 [ [link removed] ] for details, which announces the rates of interest, and will appear in Internal Revenue Bulletin 2024-37, dated Sept. 9, 2024.
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