March 3, 2022 11:04 pm

IRS Interest Rates Increased in Q2

The IRS interest rates on underpayments and overpayments had remained unchanged since the first quarter of 2021. Starting April 1, 2022, the IRS interest rates increase by one percentage rate (Rev. Rul. 2022-5). The rates are:

  • 4% for overpayments (3% in the case of a corporation);
  • 1.5% for the portion of a corporate overpayment exceeding $10,000;
  • 4% for underpayments; and
  • 6% for large corporate underpayments.
Tax Glossary

Gross income

The total amount of income received from all sources before exclusions and deductions.

More terms