Federal Interest Rates to Remain the Same in the Third Quarter

The IRS has announced that interest rates for the quarter beginning July 1, 2011 (third quarter), will remain the same as in the second quarter. The rates remain at: 4% for overpayments (3% in the case of a corporation); 4% for underpayments; 6% for large corporate underpayments; and 1.5% for the portion of a corporate overpayment exceeding $10,000 [Rev Rul 2011-12, 2011-26 IRB; IR 2011-53].