Category: BCo Community News|Business Tax|Individual Tax|IRS|Trusts and Estates

  • IRS Increases Interest Rates for First Time Since 2011

    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%…