December 10, 2013 4:33 pm

IRS Interest Rates for Q1 2014

IRS interest rates are unchanged for the first quarter of 2014 (January 1, 2014, through March 31, 2014). These are the rates changed on underpayments and overpayments:

  • 3% for overpayments (2% for a corporation)
  • 3% for underpayments
  • 5% for large corporate underpayments
  • 0.5% for the portion of a corporate overpayment exceeding $10,000

The 3% rate applies to underpayments of estimated taxes by individuals. All of these rates have held steady since October 1, 2011.

Source: Rev. Rul. 2013-25

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Tax Glossary

Private letter ruling

A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.

More terms