Rev. Rul. 2021-10: Interest rates, tax underpayments and overpayments (no changes for third quarter 2021)

No changes to interest rates, tax underpayments and overpayments for third quarter 2021

No changes to interest rates, tax underpayments and overpayments for third quarter 2021

The IRS today released an advance version of Rev. Rul. 2021-10 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning July 1, 2021 (the third calendar quarter of 2021).

There are no changes from the rates of interest that apply for the first and second quarters 2021.

Rev. Rul. 2021-10 [PDF 431 KB] lists the interest rates for the calendar quarter beginning July 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-2021-120

 

 

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