Rick’s Tax Corner: March 2019
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INTEREST RATES REMAIN THE SAME FOR 2ND QUARTER
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2019, as they were in the first quarter of 2019. The rates will be:
- 6 percent for overpayments [5 percent in the case of a corporation];
- 3.5 percent for the portion of a corporate overpayment exceeding $10,000;
- 6 percent for underpayments; and
- 8 percent for large corporate underpayments.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For
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 0.5 percent.
The interest rates announced today are computed from the federal short-term rate deter-mined during January 2019 to take effect Feb. 1, 2019, based on daily compounding.
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