Rev. Rul. 2024-18: Interest rates, tax underpayments and overpayments remain same for fourth quarter 2024

Interest rates for the calendar quarter beginning October 1, 2024

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August 22, 2024

The IRS released Rev. Rul. 2024-18 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning October 1, 2024. The rates of interest will remain the same for the fourth calendar quarter of 2024.

Rev. Rul. 2024-18 lists the interest rates for the calendar quarter beginning October 1, 2024, as follows:

  • 8% for overpayments (7% for corporations)
  • 5.5% for the portion of a corporate overpayment exceeding $10,000
  • 8% for underpayments
  • 10% for large corporate underpayments

Read a related IRS release—IR-2024-220 (August 21, 2024)
  

For more information, contact a tax professional with KPMG Washington National Tax:

Rhonda Gibson | rkgibson@kpmg.com

Elizabeth Marchand | emarchand@kpmg.com

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