IRS Announces Interest Rates for Underpayment of Taxes for Q1 2024

Published on November 18, 2023

The Internal Revenue Service (IRS) has announced what its various interest rates will be for the first quarter of 2024, which includes the rate applied for underpayment of taxes. Under the Internal Revenue Code, the IRS is required to determine the rate of interest for overpayment and underpayment of taxes on a quarterly basis. The IRS said in a Nov. 17 notice that, for the calendar quarter beginning on Jan. 1, 2024, the interest rates will remain the same as for the prior quarter. Specifically, for individuals, the rate for overpayments (taxes owed but not fully paid) and underpayments (payments made in excess of the amount owed) will be 8 percent per year, compounded daily....

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