Federal Tax, Tax

2023 Second Quarter Interest Rates Remain the Same

There will be no change in certain interest rates for the quarter beginning April 1, 2023. The IRS announced that, for 2nd quarter of 2023, the interest rate for overpayments will remain unchanged, computed from the federal short-term rate determined during Jan. 2023. For individuals, that rate will remain 7%. It will remain 6% for corporations (4.5% for any amount exceeding $10,000). The rate for underpayments will remain 7%, and 9% for underpayments by large corporations. 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. Click here to read more here.  Contact Cg with questions. © 2023