On 16 March 2016, the IRS issued revised interest rates for overpaid and underpaid tax for the second quarter of the year beginning 1 April 2016. The IRS had initially announced on 14 March that the rates were unchanged.

The revised rates are 4% for both overpayment and underpayment by individuals, and 3% and 4% for corporate overpayments and underpayments respectively.

The rate for a corpora…