Rev. Rul. 2024-25: Interest rates, tax underpayments and overpayments decrease for first quarter 2025
Interest rates for the calendar quarter beginning January 1, 2025
The IRS today released Rev. Rul. 2024-25 that provides the rates of interest with regard to tax underpayments and tax overpayments for the calendar quarter beginning January 1, 2025. The rates of interest will decrease for the first calendar quarter of 2025.
Rev. Rul. 2024-25 lists the interest rates for the calendar quarter beginning January 1, 2025, as follows:
- 7% for overpayments (6% for corporations) [decrease from 8% and 7%, respectively, for fourth quarter 2024]
- 4.5% for the portion of a corporate overpayment exceeding $10,000 [decrease from 5.5%]
- 7% for underpayments [decrease from 8%]
- 9% for large corporate underpayments [decrease from 10%]
Read a related IRS release—IR-2024-290 (November 18, 2024)
For more information, contact a tax professional with KPMG Washington National Tax:
Rhonda Gibson | rkgibson@kpmg.com
Elizabeth Marchand | emarchand@kpmg.com