Rev. Rul. 2020-28: Interest rates, tax overpayments and underpayments (first quarter 2021)
Interest rates, tax overpayments and underpayments
The IRS today released an advance version of Rev. Rul. 2020-28 that provides the rates of interest with regard to tax overpayments and tax underpayments for the calendar quarter beginning January 1, 2021.
There are no changes from the rates of interest that apply for the fourth quarter 2020.
Rev. Rul. 2020-28 [PDF 429 KB] lists the interest rates for the calendar quarter beginning January 1, 2021, as follows:
- 3% for overpayments (2% for corporations)
- 0.5% for the portion of a corporate overpayment exceeding $10,000
- 3% for underpayments
- 5% for large corporate underpayments
Read a related IRS release—IR-2020-270
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