September 9, 2014 11:41 am

IRS Interest Rates for 4th Q of 2014

IRS interest rates are unchanged for the fourth quarter of 2014 (October 1, 2014, through December 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; and
  • 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. 2014-23

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Tax Glossary

Real estate professional

An individual who, because of his or her real estate activity, qualifies to deduct rental losses from nonpassive income.

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