IRS Drops Interest Rates
The Internal Revenue Service announced June 2, 2008 that interest rates for the calendar quarter beginning July 1, 2008, will drop by one percentage point. The new rates will be:
five (5) percent for overpayments [four (4) percent in the case of a corporation];
five (5) percent for underpayments;
seven (7) percent for large corporate underpayments; and
two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000.