Along with seemingly everything else, interest rates for federal tax overpayments and underpayments are going up. The IRS has announced that, starting in 2022’s second quarter (April 1), the new rates are 4% for overpayments and underpayments. For corporations, the rate for overpayments is 3% (1.5% for any amount exceeding $10,000) and 6% for underpayments by large corporations. The IRS calculated these based on the federal short-term rate in January 2022. In general, over- and underpayment rates for noncorporate taxpayers are the short-term rate plus 3 percentage points. Rates are determined on a quarterly basis. Read more here: https://bit.ly/3sZh6Sh Call or visit our website for more information! www.mjscpa.com/
