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August 23, 2010 12:00 am
IRS Interest Rates Unchanged for Fourth Quarter
The interest rates paid on overpayments and underpayments remain the same in the fourth quarter of 2010 as they have been all year. Individuals will pay 4% on underpayments and receive interest of 4% on overpayments during this period. This rate has been in effect since April 1, 2009.
Source: Rev. Rul. 2010-21; 2010-39 IRB 1
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
