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Interest rates to remain the same for the fourth quarter of 2019

September 5, 2019

 

LR Tax & Accounting Services would like to inform you that interest rates will remain the same for the calendar quarter beginning October 1, 2019, as they were in the prior quarter.

 

The rates will be:

  • five (5) percent for over-payments [four (4) percent in the case of a corporation];

  • two and one-half (2.5) percent for the portion of a corporate over-payment exceeding $10,000;

  • five (5) percent for underpayments; and

  • seven (7) percent for large corporate underpayments. 

The rate of interest is determined on a quarterly basis. For individuals other than corporations, the over-payment and underpayment rate is the federal short-term rate plus 3 percentage points.

 

In the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the over-payment rate is the federal short-term rate plus 2 percentage points.

 

The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.

 

The rate on the portion of a corporate over-payment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

 

The interest rates announced today are computed from the federal short-term rate determined during July 2019 to take effect August 1, 2019, based on daily compounding.

 

Please remember that LR Tax & Accounting Services, Inc. is always here to help with any questions and concerns. We offer tax planning, tax resolution, tax returns for individuals and business, accounting, payroll and bookkeeping. Please contact us today to get a quote or ask a question!

 

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