On 14 March 2016, the IRS announced that the interest rates for overpaid and underpaid tax will not be changed for the second quarter of the year beginning 1 April 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 re…