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Wednesday, December 14, 2005

Interest Rates For tax Overpayments and Underpayments

The IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning Jan. 1, 2006, will remain the same as last quarter.

Thus, for noncorporate taxpayers, the rate for both underpayments and overpayments for the first quarter of 2006 will be 7%.

For corporations, the overpayment rate for the first quarter of 2006 will be 6%. Corporations will receive 4.5% for overpayments exceeding $10,000. The underpayment rate for corporations will be 7%, but will be 9% for large corporate underpayments.
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