L&F Tax & Bookkeeping Services
  • Home
  • Profile
  • Client Portal
  • Newsline
  • Contact
  • More
    • Tax Due Dates
    • Policies

Newsline

Our newsline provides the latest news from the IRS, due dates, reminders, and thoughtful insights on accounting and tax related topics

Interest Rates Remain the Same for the Fourth Quarter of 2016 

9/14/2016

0 Comments

 
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2016. The rates will be:

•four (4) percent for overpayments (three (3) percent in the case of a corporation);
•1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;
•four (4) percent for underpayments; and
•six (6) percent for large corporate underpayments.

​ 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 July 2016 to take effect Aug. 1, 2016, based on daily compounding.

L&F Tax & Bookkeeping Services
1295 S. Kihei Road, Suite G
Kihei, HI 96753
(808) 419-7143
Fax (844) 449-1560

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    December 2024
    July 2024
    March 2024
    December 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    December 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    December 2021
    May 2021
    April 2021
    March 2021
    December 2020
    April 2020
    March 2020
    December 2019
    November 2019
    August 2019
    July 2019
    March 2019
    January 2019
    November 2018
    October 2018
    September 2018
    May 2018
    December 2017
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2015

Copyright © 2019   L&F Tax & Bookkeeping Services, LLC