IRS Announces Interest Rate Increase for Fourth Quarter 2022

​The IRS issued the rates for interest on tax underpayments and overpayments for the quarter beginning October 1, 2022. The rates for interest determined under Code Sec. 6621 will be 6 percent for overpayments (up from 5 percent for the prior quarter), 5 percent in the case of a corporation (up from 4 percent), 6 percent  for underpayments (up from 5 percent), and 8 percent  for large corporate underpayments (up from 7 percent), and the rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent (up from 2.5 percent).