{"id":227,"date":"2024-05-18T22:32:35","date_gmt":"2024-05-18T22:32:35","guid":{"rendered":"https:\/\/blog.suryapadhiea.com\/blog\/?p=227"},"modified":"2024-05-18T22:32:35","modified_gmt":"2024-05-18T22:32:35","slug":"interest-rates-remain-the-same-for-the-third-quarter-of-2024","status":"publish","type":"post","link":"https:\/\/blog.suryapadhiea.com\/blog\/irs-tips\/interest-rates-remain-the-same-for-the-third-quarter-of-2024\/","title":{"rendered":"Interest rates remain the same for the third quarter of 2024\u00a0"},"content":{"rendered":"\n<p>[Issue Number:\u00a0 \u00a0 IR-2024-138]<\/p>\n\n\n\n<p>WASHINGTON \u2014 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024.&nbsp;<\/p>\n\n\n\n<p>For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.&nbsp; Here is a complete list of the new rates:&nbsp;<\/p>\n\n\n\n<ul>\n<li>8% for overpayments (payments made in excess of the amount owed), 7% for corporations.<\/li>\n\n\n\n<li>5% for the portion of a corporate overpayment exceeding $10,000.<\/li>\n\n\n\n<li>8% for underpayments (taxes owed but not fully paid).<\/li>\n\n\n\n<li>10% for large corporate underpayments.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.&nbsp; For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.&nbsp;<\/p>\n\n\n\n<p>Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points.&nbsp; The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.&nbsp; The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.&nbsp;<\/p>\n\n\n\n<p>The interest rates announced today are computed from the federal short-term rate determined during April 2024.&nbsp; See the revenue ruling for details.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjYsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvcHViL2lycy1kcm9wL3JyLTI0LTExLnBkZiIsImJ1bGxldGluX2lkIjoiMjAyNDA1MDkuOTQ1NzI4NjEifQ.Lm0_mcIoHrvoowu9Mhmi0pvrGJGtugu0Jfza4zNRB58\/s\/1822607036\/br\/242195871076-l\">Revenue Ruling 2024-11<\/a> announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2024-24, dated June 10, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[Issue Number:\u00a0 \u00a0 IR-2024-138] WASHINGTON \u2014 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024.&nbsp; For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.&nbsp; Here is a complete list of the new rates:&nbsp; Under the Internal Revenue [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12,14,2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/227"}],"collection":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/comments?post=227"}],"version-history":[{"count":1,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/227\/revisions"}],"predecessor-version":[{"id":228,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/227\/revisions\/228"}],"wp:attachment":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/media?parent=227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/categories?post=227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/tags?post=227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}