All CATEGORIES
☰ Menu

Interest rates remain the same for the first quarter of 2013

UPublish story by Jennifer Jenkins, IRS field media relations

IRS Logo B&W
The IRS today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013.

WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be:

· 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.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during October 2012 to take effect November 1, 2012, based on daily compounding.

Revenue Ruling 2012-32, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2012-52, dated Dec. 27, 2012.


This story was provided by an individual or organization for use on the Ohio.com community site, http://www.ohio.com/upublish. We do not endorse and cannot guarantee the accuracy of this posting, though we do reject announcements with inappropriate content. You can read our full user agreement here.


Story tools

Email  Email   Print  Print   Reprint  Reprint   Popular  Most Popular   Subscribe  Subscribe

Share this story





MORE FROM OHIO.COM MORE FROM OHIO.COM >
EDITORS' PICKS

OHIO.COM VIDEOS

Most Read Stories