55°F
weather icon Clear

Corporate interest rates unchanged for first quarter of 2021

The Internal Revenue Service in early December announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021.

The rates will be:

3 percent for overpayments 2 percent in the case of a corporation;

0.5 percent for the portion of a corporate overpayment exceeding $10,000;

3 percent for underpayments;

and 5 percent for large corporate underpayments.

The rate of interest is determined on a quarterly basis under the IRS codes. The overpayment and underpayment rate is the federal short-term rate plus 3 percentage points for taxpayers that are not corporations.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half 0.5 of a percentage point.

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

Don't miss the big stories. Like us on Facebook.
THE LATEST
Belvada Hotel opens for business

What once was a dilapidated eyesore in the town of Tonopah is no more, with the historic Belvada building transformed into a brand new hotel that is now open and ready for business.

Senior Menus

Pahrump Senior Center

Man dies after Highway 160 collision in Nye

A possible medical condition is believed to be the cause of a two-vehicle crash along the 900 block of Highway 160 on Wednesday, Jan. 13, just after 10 a.m., where one driver died.

Wild horses stroll through the Calvada Eye

On most mornings, Pahrump resident Joe Proenza enjoys a solitary, leisurely walk with his dog Oliver at the Calvada Eye, but just recently he had some additional company, in the form of wild horses at that location.

Nevada Guard will join law enforcement at inauguration

More than 200 Nevada National Guard soldiers and airmen are set to assist federal law enforcement in the days prior to and during the Jan. 20 inauguration of President-elect Joseph R. Biden Jr. in Washington, D.C.

House votes to impeach Trump for second time

The House of Representatives voted Wednesday to impeach President Donald Trump for a second time for inciting a violent mob to storm the Capitol and confront lawmakers — an insurrection that left five people dead.

Training offered for green industries online

As part of the Green Industry Continuing Education Series, University of Nevada, Reno Extension is offering a series of online, entry-level classes for those wishing to become nursery worker certified. The workshops will include topics important to green industry professionals, including landscapers, nursery workers and groundskeepers.

Woman run over by her own vehicle in parking lot

A woman is recovering from injuries suffered after she was run over by her own vehicle at the Green Valley Grocery convenience store on Highway 372 near Blagg Road last Tuesday, Jan. 5th.