Go to navigation Go to content
Toll-Free: (855) 743-0262
Phone: (201) 529-8024
Fazzio Law Offices

Tax News: IRS Interest Rate First Quarter 2021

Blog Category:
Comments (0)

The Internal Revenue Service ("IRS") announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. The rates will be:

  • 3.0% for overpayments, (2% percent in the case of a corporation);
  • 0.5% for the portion of a corporate overpayment exceeding $10,000;
  • 3.0% percent for underpayments; &
  • 5.0% percent for large corporate underpayments. 

Under the Internal Revenue Code ("IRC") , 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%.

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

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

Category: Tax

There are no comments.

Post a comment

Post a Comment to "Tax News: IRS Interest Rate First Quarter 2021"

To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."


Email:* (will not be published)


Notify me of follow-up comments via email.