The Internal Revenue Service (IRS) announced today that interest rates for the calendar quarter beginning July 1, 2023, will remain unchanged. For small businesses, this decision will undoubtedly play a role in financial planning and tax strategies for the upcoming quarter.
As part of this announcement, the IRS laid out the new rates, maintaining that individuals, including sole proprietors and self-employed business owners, would see an overpayment and underpayment rate of 7% per year, compounded daily. Furthermore, the rates for corporations were defined as follows:
