Hey ,

Just a quick update for you all – the IRS has announced that interest rates will stay the same for the second quarter of 2024.

What this means:

• If you overpay your taxes: You'll earn 8% interest on your refund. Corporations get a slightly lower rate at 7%.
• If a corporation overpays by more than $10,000: The interest rate drops to 5.5% on the amount exceeding $10,000.
• If you haven't paid enough taxes: You'll owe an 8% interest charge on the unpaid amount.
• If a large corporation underpays their taxes: They'll be charged a higher interest rate of 10%.

Bottom line: These rates won't change for the next few months, so keep them in mind when planning your tax payments.

As always, feel free to reach out if you have any questions or visit my website for more recent updates.

Thanks,

Your favorite accountant and tax professional,

Folasade

(202) 618-1295

[email protected] 

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.