Beginning January 1, 2008, IRS has announced Interest rates will drop by one percentage point for Individual Tax returns. The new rates will be:

For Individual Tax Returns:
*7% for overpayments
*7% for underpayments;

For Corporation Tax Returns:
*4.5% for overpayments
*9.0% for large corporate underpayments;
*4.5% for the portion of a corporate overpayment exceeding $10,000.

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