Quickbooks, Bookkeeping and Accounting Blog

The IRS just announced that interest rates will drop by 1% on April 1, 2008 to:

• 6% for overpayments (5% for corporations)
• 6% for underpayments
• 8% for large corporate underpayments
• 3.5% for the portion of corporate overpayments that is above $10,000.

The IRS determines the interest rate on a quarterly basis based on the federal short-term rate.