The IRS has announced on 7 March 2017 that the interest rates for the second quarter beginning 1 April 2017, will bet 4 percent for overpayments i.e. tax refunds (3 percent in the case of a corporation), 4 percent for underpayments i.e. tax assessments and late tax payments and 6 percent for large corporate underpayments. The interest rate for the portion of a corporate overpayment exceeding $10,000 is 1.5 percent.

The interest rates on overpayments and underpayments for the second quarter of 2017 are unchanged from the rates announced for the first quarter of 2017.