$25.00 
Learn more
April 22, 2020 11:04 pm
IRS Interest Rates for Q2 2020
The interest rates on overpayments and underpayments for the second quarter of 2020 are unchanged from the first quarter rates (Rev Rul. 2020-7). The rates are:
- Noncorporate overpayments and underpayments: 5%
- Corporate overpayments: 4% generally, but 2.5% for corporate overpayments exceeding $10,000
- Corporate underpayments: 5% generally but 7% for large corporate underpayments
The 5% rate is used to figure estimated tax penalties for individuals for the first 15 days of April.
advertisement
Featured Books
Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
