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IRS interest rates decrease for Q1 2025

November 20, 2024
in Accounting
Reading Time: 2 mins read
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IRS interest rates decrease for Q1 2025
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The Internal Revenue Service’s Interest rates will decrease for the calendar quarter beginning Jan. 1.

The IRS said that for individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Other new rates:

  • 7% for overpayments (payments made in excess of the amount owed), 6% for corporations;
  • 4.5% for the portion of a corporate overpayment exceeding $10,000;
  • 7% for underpayments (taxes owed but not fully paid); and,
  • 9% for large corporate underpayments.

For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points and the overpayment rate is the federal short-term rate plus two percentage points.

The rate for large corporate underpayments is the federal short-term rate plus five 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 rate is determined quarterly. Rates are computed from the federal short-term rate determined during October 2024. Revenue Ruling 2024-25 announcing the rates of interest will appear in Internal Revenue Bulletin 2024-49 on Dec. 2.

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