September 02, 1992
IRS Announces Quarterly Interest Rates
The Internal Revenue Service today announced that interest
rates for the calendar quarter beginning October 1, 1992, will
decrease to six percent for overpayments, seven percent for
underpayments, and nine 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 1992.
Rev. Rul. 92-77, announcing the new rates of interest, is
attached and will appear in Internal Revenue Bulletin No. 1992-38,
dated September 21, 1992.
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