The IRS has announced that the interest rates for overpaid and underpaid tax will not be changed for the first quarter of the year beginning 1 January 2016. The rates are 3% for both underpayment and overpayment by individuals, and 2% and 3% for corporate overpayments and underpayments respectively.

The rate for a corporate overpayments exceeding USD 10,000 in a tax period will remain 0.5% on …