Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has announced that the interest rates for the calendar quarter beginning January 1, 2010, will remain at 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments and 6 percent for large corporate underpayments. The interest rate for the portion of a corporate overpayment exceeding $10,000 remains at 1.5 percent. The interest rates are computed by using the federal short-term rate based on daily compounding determined during October 2009.

 
Code Sec. 6621 provides that the rate of interest is to be determined on a quarterly basis. 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-2009-107,
2009FED ¶46,537

Rev. Rul. 2009-37, 2009FED ¶46,538

Rev. Rul. 2009-37, FINH ¶30,633

Rev. Rul. 2009-37, ETR ¶66,884

Other References:

 
Code Sec. 6601

  CCH Reference - 2009FED ¶174.01

  CCH Reference - 2009FED ¶175.01

  CCH Reference - 2009FED ¶175.30

 
Code Sec. 6621

  CCH Reference - 2009FED ¶39,455.01

  CCH Reference - 2009FED ¶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 - 2009FED ¶39,465.01

  Tax Research Consultant

  CCH Reference - TRC ACCTNG: 33,204.15
CCH Reference - TRC PENALTY: 9,152