Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-25-2008, 05:55 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
IRS dropped Interest Rates again in 3rd quarter 2008 on overdue taxes.

The IRS has announced that the interest rates on overdue taxes has been been further reduced.

1. For individuals:
For individuals who owe back taxes the interest rate has been reduced to 5%.

For individuals who are entitled a refund, the interest rate paid will also be 5%.

2. For Corporations:
For Corporations that owe more than $100,000 in back taxes the interest rate remains fairly high at 7%.

For Corporations that are entitled to a tax refund, the interest rate paid will be only 4%, provided the refund is less than $10,000. The interest rate drops to 2.5% for corporation refunds in excess of $10,000.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
New Auto Mileage Rates through Dec. 31, 2008 Samatg Auto Expenses 0 06-25-2008 12:59 AM
Interest due from audit maximum Sole-Proprietorship 3 02-28-2008 02:13 PM
What are the 2008 Mileage Rates? TaxGuru For 2008 0 02-22-2008 02:59 PM
Today is the deadline for 4th quarter estimated tax payments! TaxGuru Estimated Taxes 0 01-15-2008 11:20 AM
IRS reduces Interest Rate on underpayment by 1% for 1st Quarter 2008! TaxGuru Estimated Taxes 0 11-29-2007 01:15 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.