U.S. Interest Rates on Overpaid and Underpaid Tax Increased for Q2 2022

The U.S. IRS has announced the interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 April 2022, which are increased from the previous quarter due to an increase in the federal short-term rate. The rates are 4% for both overpayments and underpayments by individuals, and 3% and 4% for corporate overpayments and underpayments, respectively. The rate for corporate overpayments exceeding USD 10,000 in a tax period is 1.5% on the portion exceeding that amount, and the…