The Internal Revenue Service (IRS) has released the applicable federal rates (AFRs) for the second quarter of 2024. These rates are used to determine the minimum interest rates for loans and other financial transactions. The AFRs for the second quarter of 2024 are slightly higher than the rates for the first quarter, indicating a potential increase in interest rates. Taxpayers should take note of these rates when considering loans or other financial transactions in the second quarter of 2024.
The IRS today released Rev. Rul. 2024-6 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning April 1, 2024. The rates of interest will remain the same for the second calendar quarter of 2024.
Rev. Rul. 2024-6 [PDF 434 KB] lists the interest rates for the calendar quarter beginning April 1, 2024, as follows:
Read a related IRS release—IR-2024-47
For more information, contact a tax professional with KPMG Washington National Tax:
Rhonda Gibson | rkgibson@kpmg.com
Elizabeth Marchand | emarchand@kpmg.com
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