On 16 March 2016, the IRS issued revised interest rates for overpaid and underpaid tax for the second quarter of the year beginning 1 April 2016. The IRS had initially announced on 14 March that the rates were unchanged. The revised rates are 4% for both overpayment and underpayment by individuals, and 3% and 4% for corporate overpayments and underpayments respectively. The rate for a corporate overpayments exceeding USD 10,000 in a tax period is 1.5% on the portion exceeding that amount, and the rate for large corporate underpayments exceeding USD 100,000 is 6%. The revision is due to an...