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
Tax Glossary

Amortization of intangibles

Writing off an investment in intangible assets over the projected life of the assets.

More terms