IRS Rev. Rul.: Increase in Underpayment/Overpayment Interest Rates for 2022 Third Quarter (IRC §6621)

Overpayment and underpayment interest rates for the calendar quarter beginning July 1, 2022, are increasing from the previous quarter, the IRS announced May 20. The interest rate will be 5% for overpayments (4% in the case of a corporation); 5% (up from 4%) for underpayments; and 7% (up from 6%) for large corporate underpayments. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be 2.5% (up from 1.5%). In addition, the rate of interest on I.R.C. §6603 deposits is 2% (up from 1%) for the third calendar quarter in 2022. [Rev. Rul. 2022-11, 2022-23 I.R.B. ...