{"id":306,"date":"2024-08-22T02:16:50","date_gmt":"2024-08-22T02:16:50","guid":{"rendered":"https:\/\/blog.suryapadhiea.com\/blog\/?p=306"},"modified":"2024-08-22T02:18:18","modified_gmt":"2024-08-22T02:18:18","slug":"irs-interest-rate-for-4th-quarter","status":"publish","type":"post","link":"https:\/\/blog.suryapadhiea.com\/blog\/uncategorized\/irs-interest-rate-for-4th-quarter\/","title":{"rendered":"IRS INTEREST RATE FOR 4TH QUARTER, 2024"},"content":{"rendered":"\n<p>Issue Number:\u00a0 \u00a0 IR-2024-220<\/p>\n\n\n\n<p>WASHINGTON \u2014 The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 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;<\/p>\n\n\n\n<p>Here\u2019s 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. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three 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 three percentage points and the overpayment rate is the federal short-term rate plus two percentage points.&nbsp; The rate for large corporate underpayments is the federal short-term rate plus five 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 July 2024.&nbsp;<\/p>\n\n\n\n<p>See <a href=\"https:\/\/links-1.govdelivery.com\/CL0\/https:%2F%2Fwww.irs.gov%2Fpub%2Firs-drop%2Frr-24-18.pdf\/1\/0100019176a9f83e-47354673-e418-4718-a96c-39a5a6be054a-000000\/kn1ThqSg6mxgg2GvyNBKDHemgOZYCKHQ8E0ncTcwlaQ=367\">Revenue Ruling 2024-18<\/a> for details, which announces the rates of interest, and will appear in Internal Revenue Bulletin 2024-37, dated Sept. 9, 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"http:\/\/blog.suryapadhiea.com\/blog\/wp-content\/uploads\/2023\/10\/Corporate-LinkedIn-Banner.jpg\" alt=\"\" class=\"wp-image-153\" width=\"845\" height=\"288\" srcset=\"https:\/\/blog.suryapadhiea.com\/blog\/wp-content\/uploads\/2023\/10\/Corporate-LinkedIn-Banner.jpg 646w, https:\/\/blog.suryapadhiea.com\/blog\/wp-content\/uploads\/2023\/10\/Corporate-LinkedIn-Banner-300x102.jpg 300w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Issue Number:\u00a0 \u00a0 IR-2024-220 WASHINGTON \u2014 The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning Oct. 1, 2024. &nbsp; For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.&nbsp; Here\u2019s a complete list of the new rates:&nbsp; Under the Internal Revenue Code, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/306"}],"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=306"}],"version-history":[{"count":2,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/306\/revisions"}],"predecessor-version":[{"id":308,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/posts\/306\/revisions\/308"}],"wp:attachment":[{"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/media?parent=306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/categories?post=306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.suryapadhiea.com\/blog\/wp-json\/wp\/v2\/tags?post=306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}