IRS announces second quarter interest rates

Interest rates charged by the IRS on underpaid taxes and paid by the IRS on tax overpayments will remain the same for the second quarter of 2013 (April 1 through June 30). Therefore, for the first six months of 2013, the rates will be the following for individuals and corporations:

For individuals:

* 3% charged on underpayments; 3% paid on overpayments.

For corporations: * 3% charged on underpayments; 2% paid on overpayments.

* 5% charged on large corporate underpayments.

* ½% paid on the portion of a corporate overpayment exceeding $10,000.