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For interest accruing on or after January 1, 2004, the rate of interest payable on overpayments and underpayments is the "short-term federal rate" for the first year that the overpayment or underpayment accrues interest. This rate is established by the IRS under the IRC Section 6621, and is 3 percent less than the "underpayment rate." After one year, interest will accrue on any remaining balance at the "underpayment rate," as established under IRC Section 6621.
Please visit our Current Interest Rate page on our web site for a list of the most current rates.