IRS Rev. Rul.: Underpayment, Overpayment Interest Rates Are Same for 2nd Quarter 2024 (IRC §6621)

Interest rates for underpayments and overpayments are the same for the second quarter of 2024, the IRS provided. The rates for interest determined under I.R.C. §6621 for the calendar quarter beginning Apr. 1, 2024, will be 8% for overpayments (7% in the case of a corporation), 8% for underpayments, and 10% for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5%. [Rev. Rul. 2024-6, 2024-10 I.R.B. __ (Mar. 4, 2024)]

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