Interest rates for the third quarter of 2022 will increase starting July 1, the IRS recently announced.
The rates will be:
- 5% for overpayments (4% in the case of a corporation).
- 2.5% for the portion of a corporate overpayment exceeding $10,000.
- 5% for underpayments.
- 7% for large corporate underpayments.
Earlier this week, Federal Reserve Chair Jerome Powell said he will back interest rate increases until prices start falling back to a normal level.