IRS Announces the Quarterly Interest Rates

The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 1993, will remain at six percent for overpayments, seven percent for underpayments, and nine percent for large corporate underpayments.

Under the Tax Reform Act of 1986, the rate of interest is determined on a quarterly basis, and the rate on underpayments is one percent higher than the rate on overpayments. The rate announced today is computed from the federal short-term rate based on daily compounding determined during October 1992.

Rev. Rul. 92-110, announcing the new rates of interest appears in Internal Revenue Bulletin No. 1992-52, dated 12/28/92.

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