First quarter interest rates for 2022 announced by IRS
Interest rates will remain the same for the first quarter of 2022 as they were in the last quarter of 2021, IRS recently announced.
That means, as of Jan. 1, 2022, the rates remain:
- 2% for corporate overpayments
- 0.5% for the part of a corporate overpayment that exceeds $10,000
- 3% for underpayments, and
- 5% for large corporate underpayments.
Those interest rates are computed from the federal short-term rate determined during October 2021 that took effect Nov. 1, 2021, based on daily compounding.
Now’s a great time to check with your team to make sure everyone is familiar with these numbers.
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