Quick post, but this information that’s commonly sought.
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2Q 2012 IRS Interest Rates for Past Due Tax
IRS Interest rates will stay the same for the second quarter of 2012, starting April 1st, 2012.
“The rates will be:
- three (3) percent for overpayments (two (2) percent in the case of a corporation);
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.”
“The interest rates announced today are computed from the federal short-term rate during January 1, 2012 to take effect February 1, 2012, based on daily compounding.”
IRS penalty is the far bigger portion of the growth rate if you owe the IRS back taxes.