Interest Rates Had Decreased for First Quarter
For all of 2010, interest rates on overpayments had been 3%, simple interest. In addition, for all of 2010, interest rates on underpayments had been 5%, compounded daily. These rates had decreased to 2%, simple interest and 4%, compounded daily, respectively, effective January 1, 2011.
Second Quarter Interest Rates Revert to 2010 Levels
Effective April 1, 2011, interest rates will revert to the 2010 rates of 3%, simple interest for overpayments and 5%, compounded daily on underpayments.
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Contact Vision Payroll for more information on interest rates on overpayments and underpayments of tax in Massachusetts.