Rev. Rul. 2024-6: Interest rates, tax underpayments and overpayments remain same for second quarter 2024

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Tax rate change
Implemented date
:
NA
Country
:
US
Date added
21 Feb
,
2024
Docxster’s Summary

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.

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Article

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:

  • 8% for overpayments (7% for corporations)
  • 5.5% for the portion of a corporate overpayment exceeding $10,000
  • 8% for underpayments
  • 10% for large corporate underpayments

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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Source :
KPMG
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