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COVID-19 Relief Law - IRS Interest Rate Decrease Q3


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6/12/2020
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The Internal Revenue Service ("IRS") today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The new rates will be: 

  1. Three (3) percent for overpayments [two (2) percent in the case of a corporation];
  2. One-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000;
  3. Three (3) percent for underpayments; and
  4. Five (5) percent for large corporate underpayments.

The interest rates announced today are computed from the federal short-term rate determined during April 2020 to take effect May 1, 2020, based on daily compounding.

Revenue Ruling 2020-13 (PDF), announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2020-26, dated June 22, 2020.

 

For any questions or assistance, please contact the Tax Attorneys at Fazzio Law, we are in your corner!



Category: COVID-19 Relief Law


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