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Sep 4, 2014 by Windham Chamber

Interest Rates Remain the Same for the Fourth Quarter of 2014

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2014.  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.

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 2014 to take effect Aug. 1, 2014, based on daily compounding.

Revenue Ruling 2014-23 announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2014-40, dated Sep. 29, 2014.

Filed Under: Member News

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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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