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The Online Advisor - October 1999
Fourth quarter IRS interest rates announced
Every quarter, the IRS makes an inflation-based adjustment to the interest rates it charges on overdue taxes and pays on overdue refunds. Though other interest rates have risen recently, the IRS announced that its rates will remain unchanged for the fourth quarter of 1999. The interest rate paid and charged for individuals will remain at 8 percent. Most corporations will receive 7 percent on overpayments and pay 8 percent on underpayments. Large corporate overpayments will receive 5.5 percent interest; large underpayments will be charged 10 percent interest.