 Internal Revenue Service IRS tax news interest rates increase for the second quarter of 2022 but first an attempt at a joke I apologize in advance glasses are becoming more and more of a problem these days I'm starting not to like those glasses with the really small thin frames because I can never find them without my glasses it's sad when you need multiple pairs of glasses including glasses specifically designated for finding glasses the glasses with the really thick pronounced frames cause problems too because when wearing them people tend to think you're trying to look super smart like those news reporters and politicians wearing those super pronounced professional glasses you can tell when a politician is feeling insecure about their position because the size of the glasses and the thickness of the frames will increase in proportion to the insecurity the logic seeming to go something like this wow what I'm saying each day makes absolutely no sense but who would argue with a person whose glasses frames are so big I could literally rip one wing of them off my face and use it as a club I think part of the problem is that the large frames get so heavy that they actually push the nose into the brain causing delirium many politicians have met a terrifying and sad end when their glasses eventually became so large the weight finally crushed them on the bright side however they were able to use their glasses case as a coffin IR 2022-42 February 23rd 2022 Washington the internal revenue service today announced that interest rates will increase for the calendar quarter beginning April 1st 2022 not really a surprise at this point the rates will be 4% for overpayments 3% in the case of a corporation 1.5% for the portion of a corporate overpayment exceeding $10,000 4% for underpayments and 6% for large corporate underpayments 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 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 or point five of a percentage point. The interest rates announced today are computed from the federal short-term rate determined during January 2022 to take effect February 1st, 2022 based on daily compounding. Revenue ruling 2022-05 there's a link to that here. Announcing the rates of interest will appear in internal revenue bulletin 2022-10 dated March 7th, 2022. There'll be links to some of that information here. There'll be a link to this in the description.