By Payroll and Entitlements Editorial Staff
The IRS has announced that interest rates will decrease for the third quarter of 2019, beginning July 1, 2019. The interest rates will be 5% for overpayments (4% in the case of a corporation) and underpayments, 7% for large corporate underpayments and 2.5% for the portion of a corporate overpayment exceeding $10,000. The interest rates are computed by using the federal short-term rate based on daily compounding determined during April 2019. The rate of interest is determined on a quarterly basis. (IRS News Release IR-2019-103 June 5, 2019; Rev. Rul. 2019-15, IRB 2019-26, June 24, 2019.)
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