IRS Interest Rates Increase for the Third Quarter of 2022

The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. 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. 

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 three percentage points.

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