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February 25, 2022

IRS announces Q2 2022 interest rate hikes for tax overpayments and underpayments

The IRS has announced (IR-2022-42) that interest rates for tax overpayments and underpayments will increase for the calendar quarter beginning April 1, 2022. The new interest rates appear in Revenue Ruling 2022-05: 4% for overpayments (3% for corporations); 1.5% for the portion of a corporate overpayment exceeding $10,000; 4% for underpayments; and 6% for large corporate underpayments.