The Internal Revenue Service (IRS) has announced what its various interest rates will be for the third quarter of 2024, including the rate applied for underpayment of taxes.
The Internal Revenue Code requires the IRS to calculate the interest rate for overpayment and underpayment of taxes each quarter and make it public. The interest rates are based on the federal short-term rate determined in January 2024, in accordance with the latest revenue ruling.
