 Internal Revenue Service IRS tax news. IRS announces interest rate increases for the fourth quarter of 2022. 6% rate applies to most taxpayers starting October 1st. Of course, announcing interest rate increases. Well, I'd like to make an announcement too then IRS regarding like my displeasure with this increase in the price of stuff these days. So you can take that announcement IRS and there ain't nothing you could do about it either. You'll just have to find some way to deal with my displeasure with stuff. Anyways, first an attempt at a joke. After arguing with the IRS for hours, they finally told me to hit the hay. I've been waiting so long to ask questions about- I said, hit the hay. And I was like, why? What did the hay ever do to you? What did I ever do to you? Does the hay owe you taxes too? Oh, I see how it is. Wow. Okay. I see how it is. And now you're trying to make me into your collection goon. How come you didn't break this guy's thumb like I told you? How do you know I didn't break it? You don't think I hear things? Did I give you a job this morning or I didn't? Just like you did with my employees. Huh? So why didn't you break his thumb like I told you to? When you don't do what I tell you to do, you make me look bad. Forcing me to take all their money and give it to you against their will. But instead of giving me a reason why the IRS just told me to hit the hay. So all night long, I've been using that hay as a punching bag. I even went out in the field and beat up the scarecrow. Man, today I'm tired. Honestly, I was tired even before I started hitting the hay. Dang government, always trying to work you to death for no good reason. Never mind the mushy stuff, just go. But be here all the earlier the next day. Here's a complete list of the new rates. You got 6% for overpayments, 5% for corporations. Payments made in excess of the amount owed. You got the 3.5% for the portion of a corporate overpayment exceeding $10,000. 6% for underpayments, taxes owed but not fully paid. You've got 8% 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 for corporations, 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 $1000 for a taxable period is the federal short-term rate plus 1.5 of a percentage point. The interest rates announced today are compounded from the, are computed from the federal short-term rate determined during July 2022. Revenue ruling 2022-15, there's a link to that here if you want to check it out, announcing the rates of interest will appear in Internal Revenue Bulletin 2022-35 dated August 29, 2022. So there's some links to some of the items here including that revenue ruling bulletin, that might be the only link we have here. There's a link to that here though if you want to check it out and there'll be a link to this in the description.