IRS announces 2021 first quarter interest rates in Revenue Ruling 2020-28
Let your finance team members know: They won’t have any new interest rates to contend with as we start the new year. IRS will hold the 2021 first quarter interest rates steady.
That’s according to IRS Revenue Ruling 2020-28.
The rates apply to your company’s federal tax payments from January through March. As a reminder, the IRS interest rates you’ll pay (or receive) remain:
- 2% for corporate overpayments
- 0.5% for the portion of a corporate overpayment exceeding $10,000
- 3% for underpayments, and
- 5% for large corporate underpayments.
Note: Those rates are based off the federal short-term rate, plus a specific number of percentage points.
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