June 1, 2022 2:36 am

IRS Interest Rates Increased for Q3

The IRS interest rates on overpayments and underpayments for the third quarter of 2022 are one percentage point higher than in the second quarter (Rev. Rul. 2022-11). This is the second interest rate increase this year. The rates are:

  • 5% for overpayments (4% in the case of a corporation);
  • 2.5% for the portion of a corporate overpayment exceeding $10,000;
  • 5% for underpayments; and
  • 7% for large corporate underpayments.
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Tax Glossary

Carryforward

A tax technique of applying a loss or credit from a current year to a later year. For example, a business net operating loss may be carried forward 20 years instead of being carried back.

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