Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has announced that the interest rates for the calendar quarter beginning July 1, 2008, will drop to 5 percent for overpayments (4 percent in the case of a corporation) and underpayments, 7 percent for large corporate underpayments and 2.5 percent for the portion of a corporate overpayment exceeding $10,000. The interest rates are computed by using the federal short-term rate based on daily compounding determined during April 2008.

  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points. The rate for large corporate underpayments is the federal short-term rate plus five percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a tax period is the federal short-term rate plus one-half of a percentage point.

IR-2008-76,
2008FED ¶46,450

Rev. Rul. 2008-27, 2008FED ¶46,451

Rev. Rul. 2008-27, FINH ¶30,586

Rev. Rul. 2008-27, ETR ¶66,853

Other References:

 
Code Sec. 6601

  CCH Reference - 2008FED ¶174.01

  CCH Reference - 2008FED ¶175.01

  CCH Reference - 2008FED ¶175.30

 
Code Sec. 6621

  CCH Reference - 2008FED ¶39,455.01

  CCH Reference - 2008FED ¶39,455.51

  CCH Reference - FINH ¶21,685.01

  CCH Reference - FINH ¶21,685.30

  CCH Reference - ETR ¶102

  CCH Reference - ETR ¶50,615.01

 
Code Sec. 6622

  CCH Reference - 2008FED ¶39,465.01

  Tax Research Consultant

  CCH Reference - TRC ACCTNG: 33, 204.15

  CCH Reference - TRC PENALTY: 9,152

  CCH Reference - TRC IRS: 33,358.10