IRS Rev. Rul.: Underpayment/Overpayment Interest Rates for 2023 Third Quarter Are Unchanged (IRC §6621)

Overpayment and underpayment interest rates for the calendar quarter beginning July 1, 2023, are unchanged from the previous quarter, the IRS announced May 22. The interest rate will remain 7% for overpayments (6% in the case of a corporation); 7% for underpayments; and 9% for large corporate underpayments. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will remain 4.5%. In addition, the rate of interest on I.R.C. §6603 deposits is 4% for the third calendar quarter in 2023. [Rev. Rul. 2023-11, 2023-23 I.R.B. __ (June 5, 2023); IR-2023-104 (May 22, 2023)]

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