IRS Interest Rates for First Quarter 2009

The IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning January 1, 2009, will decrease by a full percentage point. The interest rates are as follows:

5 percent for overpayments (4 percent in the case of a corporation);

5 percent for underpayments;

7 percent for large corporate underpayments; and

2.5 percent for the portion of a corporate overpayment exceeding $10,000.