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The IRS has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2016, as in the previous quarter.

The rates will be:

• 3% for overpayments (2% in the case of a corporation);
• 3% for underpayments;
• 5% for large corporate underpayments; and,
• 0.5% for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, rates of interest are determined quarterly. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points.

The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The above rates are computed from the federal short-term rate determined during October 2015 and took effect November 1, based on daily compounding.

Revenue Ruling 2015-23, announcing the rates of interest, will appear in Internal Revenue Bulletin 2015-52, dated December 28.

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