IRS overpayments happen when taxpayers or businesses paid an excessive amount of tax. The IRS will correct these overpayments with a refund, which is also where the interest rate plays a role.

The IRS has announced new interest rates for the upcoming quarter starting April 1, 2025. These rates, determined quarterly, affect both individual taxpayers and corporations.

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For top-bracket taxpayers, the Proposed Deduction reduces the effective tax rate on qualifying BDC interest income from 40.8% to 32.29%, an 8.51% reduction.