US Interest Rates Increase in 2023
The IRS announced that it will increase U.S. interest rates starting January 1, 2023.
The current interest rate will be published quarterly. For individuals, the interest rate for tax owed and tax refunds will increase from 6% (in the fourth quarter of 2022 October to December) to 7% annually.
Here are the lists of the new rates:
- The interest rate of tax refunds is 7% for individuals and 6% for companies.
- The portion of the company's tax refunds that exceeds $10,000 is 4.5%.
- The interest rate of tax owed is 7% for individuals and small and midsize companies
- The interest rate of tax owed is 9% for large companies (have assets of $10 million or more)
USCPA Sophie Luo (羅霞) reminds you that the new rates are beginning on January 1, 2023,
if you owe taxes individually, the IRS will calculate the interest by 7%. 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)