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:
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.