IRS drops interest rate for the first quarter of 2008
By Pamela Stewart, Attorney at Law on Nov 28, 2007 in General Bankruptcy Information
The Internal Revenue Service announced today that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The rate of interest is determined on a quarterly basis.
For individuals, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. The new rate for individuals will be 7%.
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