Interest Rates Hold Steady for Q1 2024 - November 21, 2023
The IRS has announced that over/under payment interest rates will remain the same for the calendar quarter beginning January 1, 2024. (IR 2023-219, 11/17/2023; Rev Rul 2023-22, 2023-49 IRB)
The interest rates for the first quarter of 2024 are:
8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
5% for the portion of a corporate overpayment exceeding $10,000.
8% for underpayments (taxes owed but not fully paid).
10% for large corporate underpayments.
These interest rates are computed from the federal short-term rate determined during October 2023.
The interest rates for the first quarter of 2024 are:
8% for overpayments (payments made in excess of the amount owed), 7% for corporations.
5% for the portion of a corporate overpayment exceeding $10,000.
8% for underpayments (taxes owed but not fully paid).
10% for large corporate underpayments.
These interest rates are computed from the federal short-term rate determined during October 2023.