Tax News: IRS Interest Rate Fourth Quarter 2020
9/4/2020
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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
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