Hey ,

I am writing to inform you about the latest changes in the interest rates for the fourth quarter of 2023, as announced by the Internal Revenue Service (IRS).

• The interest rate for overpayments and underpayments for individuals will be 8% per year, compounded daily. 
• The interest rate for overpayments for corporations will be 7% per year, except for the portion of a corporate overpayment exceeding $10,000, which will be 5.5% per year.
• The interest rate for underpayments will be 8% per year, except for large corporate underpayments, which will be 10% per year.

These interest rates are based on the federal short-term rate determined during July 2023. You can find more details in the Revenue Ruling 2023-17.

I am always happy to help you with your tax needs. Contact me if you need help planning your taxes this year. Call my office at (202)618-1297 or click the link below.

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.