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IRS Newswire November 29, 2022
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Issue Number:????IR-2022-206
Inside This Issue
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*Interest rates increase for the first quarter of 2023?*
WASHINGTON ? The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023.?
For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1.? Here is a complete list of the new rates:
* 7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
* 4.5% for the portion of a corporate overpayment exceeding $10,000.
* 7% for underpayments. (taxes owed but not fully paid)
* 9% 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 October 2022. See the revenue ruling for details.
Revenue Ruling 2022-23 [ [link removed] ] announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-51, dated Dec. 19, 2022.
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