On 6 June 2016, the IRS issued the interest rates for overpaid and underpaid tax for the third quarter of the year beginning 1 July 2016, which are unchanged from the revised rates for Q2. The rates are 4% for both underpayment and overpayment by individuals, and 3% and 4% for corporate overpayments and underpayments respectively.

The rate for a corporate overpayments exceeding USD 10,000 in a…