Expect a hike when it comes to overpayment and underpayment penalties.
For taxpayers other than corporations, the interest rate is the federal short-term interest rate plus 3 percentage points. In the case of corporations, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.
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