Among the laundry list of costs rising to taxpayers, including fees, comes a little good news: no rising interest rates for the first quarter of 2007.
Yes, it’s a little relative. But still good to see. The IRS announced on yesterday that there will be no change in the interest rates for the first calendar year quarter of 2007 (defined as January 1, 2007, through March 31, 2007). The interest rates are as follows:
- eight (8%) percent for overpayments [seven (7) percent in the case of a corporation];
- eight (8%) percent for underpayments;
- ten (10%) percent for large corporate underpayments; and
- five and one-half (5.5%) percent for the portion of a corporate overpayment exceeding $10,000.
Is the Service attempting to spread a little holiday cheer this year? Not really. IRS interest rates are linked to the federal rates, which as you know, didn’t rise this week.
You can read the official announcement here.
