In a Federal Register Notice (FRN) published on February 5, 2025, U.S. Customs and Border Protection (CBP) announced that “quarterly Internal Revenue Service [IRS] interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will decrease from the previous quarter.”
For overpayments, the interest rates will be reduced to 6% for corporations and reduced to 7% for non-corporations. For underpayments, the interest rates will be lowered to 7% for both corporations and non-corporations. The rates are applicable as of January 1, 2025.
The Federal Register Notice can be found here:
https://www.federalregister.gov/documents/2025/02/05/2025-02228/quarterly-internal-revenue-service-interest-rates-used-in-calculating-interest-on-overdue-accounts
