The U.S. Internal Revenue Service (IRS) announced details of interest rates it will charge for underpayment and overpayment of dues for the second quarter of this year, opting to keep it at the same level as the prior quarter.
When taxpayers do not pay taxes, penalties, and other charges by the due date, the IRS charges an underpayment interest. When they pay more taxes than what’s owed, the agency pays back interest on the overpaid amount. The rate of interest for both underpayments and overpayments is determined every quarter. For the second quarter of 2025 beginning April 1, interest rates will remain unchanged for individuals and corporations, the IRS said in a March 6 statement.
