The interest rates charged on underpayments and paid on overpayments for the second quarter of 2024 remain unchanged from the rates for the first quarter of 2024. The rates are 8% for overpayments (payments made in excess of the amount owed), 7% for corporations, 5.5% for the portion of a corporate overpayment exceeding $10,000, 8% for underpayments (taxes owed but not fully paid), and 10% for large corporate underpayments. These are the rates that will apply for underpayments of estimated taxes, even if the tax bill for individuals and calendar year C corporations for 2023 is settled on April 15, 2024. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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