The IRS Announced New Interest Rates

Written By Olena Ruth

Volodymyr Hryshchenko

@lunarts

The IRS has announced new interest rates that will take effect from October 1, 2023.

For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily, which marks an increase of 1% from the previous quarter.

Other rates include 8% for overpayments (7% for corporations), and 10% for large corporate underpayments.

It is worth noting that we saw the interest as high as 8% in 1999-2000 and 2006-2007. A recent low interest of 3% was between 2020 and 2022.

Olena Ruth | Tax Defense Attorney

Olena represents the taxpayers in federal and state tax audits, collection matters, administrative appeals, and the U.S. Tax Court’s cases. She is actively engaged in Tax Sections of the American Bar Association and Colorado Bar Association. She serves as Colorado Bar Association’s pro-bono attorney and liaison to the Internal Revenue Service. Her speaking engagements include presentations on tax matters in family law, employment tax issues, and communication with the IRS.

Olena can be reached at olena@ruthtaxlaw.com

Olena Ruth

Tax Defense Attorney

Olena represents the taxpayers in federal and state tax audits, collection matters, administrative appeals, and the U.S. Tax Court’s cases. She is actively engaged in Tax Sections of the American Bar Association and Colorado Bar Association. She serves as Colorado Bar Association’s pro-bono attorney and liaison to the Internal Revenue Service. Her speaking engagements include presentations on tax matters in family law, employment tax issues, and communication with the IRS.

https://ruthtaxlaw.com
Previous

IRS Halts Processing of New Claims for Employee Retention Credit to Combat Fraudulent Activities
Next

Did you know that the world's first tax was levied in ancient Egypt?