No Change In Q1 2007 Interest Rates, Says IRS
The US Internal Revenue Service announced this week that there will be no change
in the interest rates for the calendar quarter beginning January 1, 2007. The
interest rates are as follows: 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
of a percentage point. The interest rates announced today are computed from the federal short-term
rate based on daily compounding determined during October 2006. .
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