That means, as of Jan. 1, 2022, the rates remain:
- 2% for corporate overpayments
- 0.5% for the part of a corporate overpayment that exceeds $10,000
- 3% for underpayments, and
- 5% for large corporate underpayments.
Those interest rates are computed from the federal short-term rate determined during October 2021 that took effect Nov. 1, 2021, based on daily compounding.
Now’s a great time to check with your team to make sure everyone is familiar with these numbers.