As you know, the IRS adds, modifies or eliminates tax laws on a frequent basis. Keeping you current with such news is the purpose of this page. I recommend that you bookmark this page and check back on a regular basis. Thanks, ~ Kim
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. The rates will be:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
The 3 percent rate also applies to estimated tax underpayments for the first calendar quarter in 2012 and for the first 15 days in April 2012. Read the rest of this story here…