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