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IRS interest rates remain the same for the second quarter of 2024

In IRS Revenue Ruling 2024-6, the Internal Revenue Service announced on February 3, 2024, that interest rates will remain the same for the calendar quarter beginning  April 1, 2024. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here’s a complete list of the new rates: 8% for overpayments […]

Applicable Federal Rates (AFR) for March 2024

The IRS in Revenue Ruling 2024-04 has issued the various prescribed rates for federal income tax purposes. What Is the Applicable Federal Rate (AFR)? The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans. Each month the IRS publishes a set of interest rates that the […]