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February 28, 2023 8:34 pm
IRS Interest Rates Unchanged for Q2
The IRS interest rates on overpayments and underpayments for the second quarter of 2023 are the same as the rates for the first quarter of 2023 (Rev. Rul. 2023-4). The rates beginning April 1, 2023, are:
- 7% for overpayments (6% in the case of a corporation);
- 4.5% for the portion of a corporate overpayment exceeding $10,000;
- 7% for underpayments; and
- 9% for large corporate underpayments.
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Tax Glossary
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
