Interest rates remain the same for the fourth quarter of 2024

The Internal Revenue Service announced on August 21st that interest rates will remain the same for the calendar quarter beginning Oct. 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 (payments made in excess of the amount owed), 7% for corporations.
• 5% for the portion of a corporate overpayment exceeding $10,000.
• 8% for underpayments (taxes owed but not fully paid).
• 10% for large corporate underpayments.