IRS announces interest rates will remain the same for the first quarter of 2022

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The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates are:

• Three (3) percent for individual overpayments (refunds)

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• Three (3) percent for individual underpayments (balance due)

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For Taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

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