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:
The 5% rate is used to figure estimated tax penalties for individuals for the first 15 days of April.
Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.