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By Keith Hill
Interest rates for tax underpayments and overpayments are to increase for the second quarter starting April 1, 2018, the Internal Revenue Service said March 7.
The rise in rates is the first quarterly increase in two years.
The interest rate for corporate tax overpayments is to increase to 4 percent from 3 percent, while the rate for corporate underpayments is to increase to 5 percent from 4 percent, the IRS said ( Rev. Rul. 2018-07). The rate for large corporate underpayments is to increase to 7 percent from 6 percent, the agency said. The interest rate for corporate overpayments exceeding $10,000 is to increase to 2.5 percent from 1.5 percent, the IRS said.
The interest rate for noncorporate tax overpayments and underpayments is to increase to 5 percent from 4 percent, the IRS said.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For noncorporate taxpayers, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.
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