By Payroll and Entitlements Editorial Staff
The IRS has announced that interest rates will remain the same for the first quarter of 2021, beginning January 1, 2021. The interest rates will be 3% for overpayments (2% in the case of a corporation) and 3% for underpayments, (5% for large corporate underpayments) and 0.5% for the portion of a corporate overpayment exceeding $10,000. (IRS News Release IR-2020-270, December. 3, 2020; Rev. Rul. 2020-2, December 3, 2020).
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