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IRS: Interest rates remain the same

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1 as they were in the quarter that began on April 1.

The rates, the IRS said, will be:

■ 5 percent for overpayments, 4 percent in the case of a corporation;

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

■ 5 percent for underpayments; and

■ 7 percent for large corporate underpayments.

Under the Internal Revenue Code, 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 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points. See more at irs.gov

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