September 08, 1994
IRS Announces Quarterly Interest Rates
WASHINGTON - The Internal Revenue Service today announced
that interest rates for the calendar quarter beginning October 1, 1994, will increase to
eight percent for overpayments, nine percent for underpayments, and eleven percent for
large corporate underpayments.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly
basis, the rate on underpayments is one percent higher than the rate on overpayments, and
the rate for large corporate underpayments is two percent higher than the rate on
underpayments. The rate announced today is computed from the federal short-term rate based
on daily compounding determined during July 1994.
Rev. Rul. 94-58, announcing the new rates of interest, is attached and will appear in
Internal Revenue Bulletin No. 1994-39, dated September 26, 1994.
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