Our Videos

June 2, 08

NEWS / Interest Rates Drop for the Third Quarter of 2008


Washington ó The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2008, will drop by one percentage point. The new rates will be:

* five (5) percent for overpayments [four (4) percent in the case of a corporation];
* five (5) percent for underpayments;
* seven (7) percent for large corporate underpayments; and
* two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate based on daily compounding determined during April 2008.

Tags: corporation,
 




Testimonials

AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »
Kateryna Melnychenko
Thanks a lot Anton!...
Read More »
Rani Payne
Thank you so much! Iím sure I will be in touch again with something else that will need to be apost...
Read More »
Serge Bauer Law
Thank you again for your help with this case!...
Read More »



FAQ

Do I need a permit or license for my business?
Read More »
Since when does the Wassenaar Arrangement exist?
Read More »
Is there a waiting period? Can we get married right away?
Read More »
If a student was not in an authorized period of OPT on the eligibility date, can the student work during the cap gap extension?
Read More »






News

April 11, 23
Fleetwood Mac keyboardist and vocalist Christine McVie died of stroke and cancer-death certificate
Read More »
March 27, 23
China joins Apostille Convention
Read More »
March 18, 23
California to permanently seal old convictions on criminal records
Read More »
March 3, 23
Saudi Arabia issues guidance on apostille procedure
Read More »