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Sep 16, 2016 by Windham Chamber

Interest Rates Remain the Same for the Fourth Quarter of 2016

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2016.  The rates will be:

  • four (4) percent for overpayments (three (3) percent in the case of a corporation);
  • 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;
  • four (4) percent for underpayments; and
  • six (6) percent for large corporate underpayments. 

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. 

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during July 2016 to take effect Aug. 1, 2016, based on daily compounding.

Revenue Ruling 2016-23, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2016-39, dated Sept. 26, 2016. 

Filed Under: IRS Tips

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Windham Region Chamber of Commerce
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

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