News & Information

 

FEATURED PRODUCT

American Payroll Association (APA) Basic Guide to Payroll, 2013 Edition
It's more important than ever to be in compliance with payroll laws and regulations! How do you stay in compliance and avoid penalties? The APA Basic Guide to Payroll is written to make understanding the laws and regulations as easy as possible. And this single-volume guide is filled with tools to help you apply the law and make proper calculations – with ease!

Learn More »

CCH® PAYROLL — 03/05/13

Interest rates remain the same for the second quarter of 2013

The IRS has announced that interest rates for the calendar quarter beginning April 1, 2013, will remain the same. The interest rates will be 3% for overpayments (2% in the case of a corporation) and underpayments, 5% for large corporate underpayments and 0.5% for the portion of a corporate overpayment exceeding $10,000. The interest rates are computed by using the federal short-term rate based on daily compounding determined during January 2013. The rate of interest is determined on a quarterly basis. (IRS News Release IR-2013-24, March 1, 2013; Rev. Rul. 2013-6, IRB 2013-13, March 25, 2013.)

The states of Alabama and South Carolina follow the federal underpayment rate. Pennsylvania follows the federal rate in effect as of January 1 of the calendar year, without regard to quarterly changes. Illinois follows the federal underpayment rate as of January 1 and July 1 of the calendar year. Additionally, Virginia's interest rate on tax underpayments is the federal interest rate plus 2%, while Arizona's is the federal short-term rate plus three percentage points.

For more information on this and other topics, consult the Visit our News Library.