The IRS Announces Another Rate Increase for 2023 Quarter
The IRS announced that it will increase U.S. interest rates starting October 1, 2023. The current interest rate will be published quarterly. For individuals, the interest rate for tax owed and tax refunds will increase from 7% to 8% annually.
Here is a list of the new rates:
- The interest rate of tax refunds for individuals is 8%.
- The interest rate of tax refunds for companies is 7%.
- The part of the company's tax refunds that exceeds $10,000 is 5.5%.
- The interest rate of tax owed for individuals and small and midsize companies is 8%
- The interest rate of tax owed for large companies (have assets of $10 million or more) is 10%
USCPA Sophie Luo (羅霞) reminds you that the new rates are beginning on October 1, 2023, if you owe taxes individually, the IRS will calculate the interest by 8%. Please pay your taxes in time to avoid the interest.
If you have any questions or need further help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
(USTAX Service LLC)