The U.S. IRS has announced the interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2021, which are unchanged from the previous quarter. The rates are 3% for both overpayments and underpayments by individuals, and 2% and 3% for corporate overpayments and underpayments, respectively. The rate for corporate overpayments exceeding USD 10,000 in a tax period is 0.5% on the portion exceeding that amount, and the rate for large corporate underpayments exceeding USD 100,000 is 5%.

Revenue Ruling 2021-10, which includes the new interest rates and past rates, will be published in Internal Revenue Bulletin 2021-25 of 21 June 2021.