Late Filing

The rates will be: Three percent for overpayments – two percent in the case of a corporation; Three percent for underpayments ; Five percent for large corporate underpayments; and One-half 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 three percentage points.