IRS Announces Quarter Interest Rates

WASHINGTON - The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 1992, will decrease to seven percent for overpayments, eight percent for underpayments, and ten percent for large corporate underpayments.

Under the Tax Reform Act of 1986, the rate of interest is determined on a quarterly basis, the rate on underpayments is one percent higher that 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 January 1992.

Rev. Rul. 92-21, announcing the new rates of interest, is attached and will appear in Internal Revenue Bulletin No. 1992-14, dated April 6, 1992.

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