Tip of the Week: Fourth Quarter Interest Rates Decrease
In IR-2011-085, the Internal Revenue Service (IRS) announced that interest rates for the fourth quarter of 2011 would decrease from the third quarter. The rates are as follows:
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.
Revenue Ruling 2011-18 Contains Official Rate Announcement
The IRS will publish the rates in Revenue Ruling 2011-18. Contact Vision Payroll if you have any questions on the fourth quarter rates.