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

Tax News: IRS Interest Rate Fourth Quarter 2020


Blog Category:
9/4/2020
Comments (0)

The Internal Revenue Service ("IRS") announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 

  • 3% for overpayments (2% in the case of a corporation);
  • 0.5% for the portion of a corporate overpayment exceeding $10,000;
  • 3% percent for underpayments; and
  • 5% percent for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.

Revenue Ruling 2020-18 (PDF), announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2020-39, dated September 21, 2020.

 

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 Fourth Quarter 2020"

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

Name:*

Email:* (will not be published)

Message:*

Notify me of follow-up comments via email.