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The most frequently asked tax questions related to Late Filing
For Tax Payers
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Three percent for overpayments – two percent in the case of a corporation;
Three percent for underpayments ;
Five percent for large corporate underpayments; and
One-half percent for the portion of a corporate overpayment exceeding $10,000.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points.