WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2012. The rates will be:

  • three (3) percent for overpayments [two (2) percent in the case of a corporation];
  • three (3) percent for underpayments;
  • five (5) percent for large corporate underpayments; and
  • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment 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 overpayment 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 April 2012 to take effect May 1, 2012, based on daily compounding.

Revenue Ruling 2012-16, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin No. 2012-26, dated June 25, 2012.

December 2016
S M T W T F S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Upcoming Tax Dates

December 12 — Employees who work for tips
If you received $20 or more in tips during November, report them to your employer - Details

December 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of November.

December 14 — Regular method taxes
Deposit the tax for the last 15 days of November.

December 15 — Corporations
Deposit the fourth installment of estimated income tax for 2016 - Details

December 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in November.

December 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in November.

December 25 — Everyone
Federal Holiday (Christmas Day) - Details

December 28 — Communications and air transportation taxes under the alternative method
Deposit the tax included in amounts billed or tickets sold during the last 15 days of November.

December 29 — Regular method taxes
Deposit the tax for the first 15 days of December.

View More Tax Dates