June 09, 1994
IRS Announces the Quarterly Interest Rates
WASHINGTON - The Internal Revenue Service today announced
that interest rates for the calendar quarter beginning July 1, 1994, will increase to
seven percent for overpayments, eight percent for underpayments, and ten percent for large
Under the Internal Revenue Code, the rate of interest is determined on a quarterly
basis, the rate on underpayments in one percent higher than the rate on overpayments, and
the rate for large corporate underpayments is two percent higher than the rate on
underpayments. The rate announced today is computed from the federal short-term rate based
on daily compounding determined during April 1994.
Rev. Rul. 94-39, announcing the new rates of interest, appears in Internal Revenue
Bulletin No. 1994-26, dated 6/27/94.
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