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“For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points,” the agency said.
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“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 IRS said. “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.”
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The interest rates announced Monday are computed from the federal short-term rate determined during October 2024.
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Credit: Bloomberg