The interest rates on overpayments and underpayments are increased slightly for the first quarter of 2019, as compared with the rates for the prior quarter (Rev Rul. 2018-32). The rates are:
The 6% rate is used to figure estimated tax penalties for individuals for the first quarter of 2019 and also the first 15 days of April.
As the Federal Reserve continues to gradually raise rates, it is expected that future IRS interest rates will also increase.
An unincorporated business or income-producing entity organized by two or more persons. A partnership is not subject to tax but passes through to the partners all income, deductions, and credits, according to the terms of the partnership agreement.