Massachusetts recently published an update to Technical Information Release (TIR) 18-3, Interest on Overpayments and Underpayments. These interest rates relate to overpayments and underpayments of certain tax types, including withholding tax. These rates are published on a quarterly basis.
The interest rates have increased by one percent (1%) for the Second Quarter of 2018: interest on overpayments is now 4%, and interest on underpayments is now 6%.
To review TIR 18-3 in full, please click here.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa