The Internal Revenue Service announced that interest rates will decrease for the calendar quarter beginning 1st July 2019. The rates will be:
- 5% percent for overpayments [4% percent in the case of a corporation];
- 5% percent for underpayments; and
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.