News and Important Updates

Penalty and Interest Rates for Calendar Year 2022

Posted On: Monday, October 25, 2021

The Annual Interest Rate for Calendar Year 2022 is 5%. 

Interest shall be imposed on all unpaid income tax, unpaid estimated income tax and unpaid employer withholding tax. The interest rate to be applied each calendar year is the federal short-term rate, rounded to the nearest whole number percent, plus five percent (5%). The rate shall apply for the calendar year next following the July of the year in which the federal short-term rate is determined under Section 1274 of the Internal Revenue Code.

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