IRS interest rates rise for the second quarter of 2016

The interest rates the IRS charges on underpaid taxes and pays on tax overpayments have gone up for the second quarter of 2016 (April 1 through June 30). Here are the new rates for individuals and corporations.

For individuals:

4% charged on underpayments; 4% paid on overpayments.

For corporations:

4% charged on underpayments; 3% paid on overpayments.

6% charged on large corporate underpayments.

1.5% paid on the portion of a corporate overpayment exceeding $10,000.

CPA, Certified Public Accountant, Waukesha, Milwaukee CPA, Small business accounting Waukesha, Waukesha accountant