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IRS Increases Interest Rates for First Time Since 2011

Effective as of the 2nd calendar quarter beginning April 1, 2016, the Internal Revenue Service has increased the interest rates by 1% for all non-corporate and corporate taxpayers. For taxpayers other than corporations (individuals, trusts, etc.), the overpayment and underpayment rates have increased from 3% to 4%. The corporate underpayment penalty has increased from 2%…