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Quarterly IRS Interest Rates Used In Calculating Interest on Overdue Accounts and Refunds on Customs Duties Notice Posted in Federal Register

January 15, 2014

WASHINGTON , Jan. 15 -- The U.S. Department of Homeland Security published the following notice in the Federal Register from the U.S. Customs and Border Protection : Quarterly IRS Interest Rates Used In Calculating Interest on Overdue Accounts and Refunds on Customs Duties A Notice by the U.S. Customs and Border Protection on 01/15/2014 Action General Notice . Summary This notice advises the public of the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties. For the calendar quarter beginning January 1, 2014 , the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the interest rate for underpayments will be 3 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel. DATES: Effective Date: January 1, 2014 . FOR FURTHER INFORMATION CONTACT: Ron Wyman , Revenue Division, Collection and Refunds Branch, 6650 Telecom Drive , Suite #100, Indianapolis, Indiana 46278; telephone (317) 614-4516. SUPPLEMENTARY INFORMATION: Background Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, published in the Federal Register on May 29, 1985 (50 FR 21832), the interest rate paid on applicable overpayments or underpayments of customs duties must be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Section 6621 was amended (at paragraph (a)(1)(B) by the Internal Revenue Service Restructuring and Reform Act of 1998, Public Law 105-206, 112 Stat . 685) to provide different interest rates applicable to overpayments: one for corporations and one for non-corporations. The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS) on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the first-month period of the previous quarter. In Revenue Ruling 2013-25, the IRS determined the rates of interest for the calendar quarter beginning January 1, 2014 , and ending on March 31, 2014 . The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (1%) plus one percentage point (1%) for a total of two percent (2%). For overpayments made by non-corporations, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). These interest rates are subject to change for the calendar quarter beginning April 1, 2014 , and ending June 30, 2014 . For the convenience of the importing public and U.S. Customs and Border Protection personnel the following list of IRS interest rates used, covering the period from before July of 1974 to date, to calculate interest on overdue accounts and refunds of customs duties, is published in summary format. Table omitted. Click here to view: ( https://www.federalregister.gov/articles/2014/01/15/2014-00588/quarterly-irs-interest-rates-used-in-calculating-interest-on-overdue-accounts-and-refunds-on-customs ) Dated: January 10, 2014 . Thomas S. Winkowski , Acting Commissioner. [FR Doc. 2014-00588 Filed 1-14-14; 8:45 am ] BILLING CODE 9111-14-P TNS 24KuanRap-140115 30FurigayJof-4601888 30FurigayJof


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Source: Targeted News Service


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