CORRECT VERSION IR-2022-150, PLEASE IGNORE ALL OTHER VESIONS

IRS Newswire ##line "Date"##
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:   IR-2022-150 Inside This Issue IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1 IR-2022-150, Aug. 15, 2022 WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates: • 6% for overpayments [5% for corporations]. (payments made in excess of the amount owed) • 3.5% for the portion of a corporate overpayment exceeding $10,000. • 6% for underpayments. (taxes owed but not fully paid) • 8% for large corporate underpayments. 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, for 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 July 2022. See the revenue ruling for details. Revenue Ruling 2022-15, https://www.irs.gov/pub/irs-drop/rr-22-15.pdf,  announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-35, dated Aug. 29, 2022. -30-     Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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