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IRS Interest Rates to Stay the Same!

Audio version available here:

Length: approx. 50 sec.

The IRS has announced that interest rates for overpayments and underpayments shall remain the same in the first quarter of 2024.

For individuals, the interest rate for an overpayment is 8%. For corporations, the rate is 7%. These are compounded daily, and they apply to the payment that is in excess of the full tax amount owed. Corporations that have an overpayment exceeding $10,000 will see a 5.5% interest rate on that amount.

Underpayment interest for individuals is also 8%. This is for the tax balance that is owed but not fully paid. Large corporations have a rate of 10%.

With interest rates being as high as they are, it is important to stay on top of your tax obligation and payment dates. At XQ CPA, we advise preparing for the upcoming tax season early. Reach out to our experienced tax professionals by calling us or using our online booking service at your convenience. We would love to help you.

Phone: 832-295-3353

Close up of hand using calculator on desk over 1040 tax return papers with several $100 bills off to the side


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