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Cook & Co.
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124 South Main Street
Arab, Alabama 35016-1351
  • Main Tel: 256-586-4111
  • Nationwide: 800-551-6253 or 54
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  • Huntsville (Direct): 534-6922
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IR-2007-193, Nov. 28, 2007


WASHINGON – The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The new rates will be: seven (7) percent for overpayments [six (6) percent in the case of a corporation]; seven (7) percent for underpayments; nine (9) percent for large corporate underpayments; and
four and one-half (4.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate based on daily compounding determined during October 2007.

Historic IRS Interest Rates Tables:

IRS Interest Rate Tables 1975-1986

IRS Interest Rate Tables 1987-1998

IRS Interest Rate Tables 1999-Present

     

IRS Corporate Interest Rate Tables 1999-Present

IRS Large Corp Interest Rate Tables 1991-Present

IRS Corp >$10k Interest Rate Tables 1995-Present

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Copyright © 1994-2010 Cook & Co. Toll-Free Nationwide 1-800-551-6253 or 6254  Main Tel. 256-586-4111 Fax 256-586-4138 Bara Business Center 124 South Main Street  Arab, Alabama 35016  Direct Phone Lines From Birmingham: 322-7452 Huntsville: 534-6922  Cook & Co., Enrolled Agents are licensed by the U.S. Treasury Department to represent taxpayers before the Internal Revenue Service (IRS). Greg Cook is a Certified Public Accountant (CPA) licensed by the states of Alabama and Tennessee.

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