CBP Keeps Quarterly IRS Interest Rates for Overdue Accounts and Refunds Unchanged
CBP has announced that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same as the previous quarter, it said in a Federal Register notice.
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For the calendar quarter beginning July 1, the interest rates for underpayments will be 7% for both corporations and non-corporations. The interest rate for overpayments will be 7% for non-corporations and 6% for corporations, CBP said.