{"id":54876,"date":"2022-11-29T12:05:38","date_gmt":"2022-11-29T20:05:38","guid":{"rendered":"https:\/\/lapost.us\/?p=54876"},"modified":"2022-11-29T12:05:38","modified_gmt":"2022-11-29T20:05:38","slug":"interest-rates-increase-for-the-first-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=54876","title":{"rendered":"Interest rates increase for the first quarter of 2023 \u00a0"},"content":{"rendered":"<p>IR-2022-206, <strong>Nov. 29, 2022,\u00a0WASHINGTON<\/strong> \u2014 The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023.<\/p>\n<p>&nbsp;<\/p>\n<p>For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1.\u00a0 Here is a complete list of the new rates:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>7% for overpayments (payments made in excess of the amount owed), 6% for corporations.<\/li>\n<li>4.5% for the portion of a corporate overpayment exceeding $10,000.<\/li>\n<li>7% for underpayments. (taxes owed but not fully paid)<\/li>\n<li>9% for large corporate underpayments.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.<\/p>\n<p>&nbsp;<\/p>\n<p>The interest rates announced today are computed from the federal short-term rate determined during October 2022. See the revenue ruling for details.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rr-22-23.pdf\">Revenue Ruling 2022-23<\/a> announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2022-51, dated Dec. 19, 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2022-206, Nov. 29, 2022,\u00a0WASHINGTON \u2014 The&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-54876","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/54876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54876"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/54876\/revisions"}],"predecessor-version":[{"id":54877,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/54876\/revisions\/54877"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}