The IRS has announced that the interest rates for tax underpayments and overpayments will remain the same for the third quarter of 2024. The rate for both underpayments and overpayments will be 5% for individuals and 7% for corporations. This decision is based on the federal short-term rate, which is determined by the IRS every three months.
The IRS today released Rev. Rul. 2024-11 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning July 1, 2024. The rates of interest will remain the same for the third calendar quarter of 2024.
Rev. Rul. 2024-11 lists the interest rates for the calendar quarter beginning July 1, 2024, as follows:
Read a related IRS release—IR-2024-138 (May 9, 2024)
For more information, contact a tax professional with KPMG Washington National Tax:
Rhonda Gibson | rkgibson@kpmg.com
Elizabeth Marchand | emarchand@kpmg.com
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