IRS interest rates increase for the third quarter of 2022 https://www.irs.gov/newsroom/irs-interest-rates-increase-for-the-third-quarter-of-2022 http://accountinginstruction.com/ 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. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five 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 April 2022 to take effect May 1, 2022, based on daily compounding. Revenue Ruling 2022-11PDF announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-23, dated June 6, 2022. ... https://www.youtube.com/watch?v=3tgGYMYb25g

Business Income or Loss & Other Gains or (Losses) Tax Preparation 2023-2024 Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv5z5yILFZbmY3xGO-B6sCKQ Quizlet Course: https://quizlet.com/join/ryFQgpkBD ... https://www.youtube.com/watch?v=1Pkra2tY3oA