Interest rates will not change for the calendar quarter starting April 1, 2025, according to a statement released by the Internal Revenue Service this past Monday.
The annual compound interest rate for overpayments and underpayments for individuals will be 7%. The full list of the updated rates is as follows:
7% for overpayments (payments made more than 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).
9% for large corporate underpayments.
The rate of interest is set quarterly in accordance with the […]