Rev. Rul. 2022-5: Interest rates, tax underpayments and overpayments (increase for second quarter 2022)

The rates of interest will increase for the second calendar quarter of 2022.

The rates of interest will increase for the second calendar quarter of 2022.

The IRS today released an advance version of Rev. Rul. 2022-5 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning April 1, 2022. The rates of interest will increase for the second calendar quarter of 2022.

Rev. Rul. 2022-5 [PDF 678 KB] lists the interest rates for the calendar quarter beginning April 1, 2022, as follows:

  • 4% for overpayments (3% for corporations)
  • 1.5% for the portion of a corporate overpayment exceeding $10,000
  • 4% for underpayments
  • 6% for large corporate underpayments

Read a related IRS release—IR-2022-42

KPMG observation

This is the first change in the interest rates since the rates decreased for the third quarter of 2020. Read TaxNewsFlash

 

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