IRS Rev. Rul.: Underpayment/Overpayment Interest Rates for 2022 First Quarter (IRC §6621)

Nov. 23, 2021, 5:00 AM

Overpayment and underpayment interest rates for the calendar quarter beginning January 1, 2022, are not changing from the previous quarter, the IRS announced November 23. Rates will be 3% for overpayments and 2% in the case of a corporation, 3% for underpayments, 5% for large corporate underpayments with the rate of interest paid on the portion of a corporate overpayment exceeding $10,000 being 0.5%. The interest rates announced are computed from the federal short-term rate determined during October 2021 to take effect November 1, 2021, based on daily compounding. [Rev. Rul. 2021-24, 2021-50 I.R.B. __ (Dec. 13, 2021); IR-2021-234 (Nov. ...

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