Tip of the Week: Second Quarter Interest Rates Increase
In IR-2011-017, the Internal Revenue Service (IRS) announced that interest rates for the second quarter of 2011 would increase from the first quarter. The rates are as follows:
- Four (4) percent for overpayments [three (3) percent in the case of a corporation];
- Four (4) percent for underpayments;
- Six (6) percent for large corporate underpayments; and
- One and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.
Revenue Ruling 2011-5 Contains Official Rate Announcement
The IRS will publish the rates in Revenue Ruling 2011-5. Contact Vision Payroll if you have any questions on the second quarter rates.