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55 Cust. B. 1 (2021-2022)

handle is hein.usfed/cusbul0193 and id is 1 raw text is: U.S. Customs and Border Protection QUARTERLY IRS INTEREST RATES USED IN CALCULATING INTEREST ON OVERDUE ACCOUNTS AND REFUNDS ON CUSTOMS DUTIES AGENCY: U.S. Customs and Border Protection, Department of Homeland Security. ACTION: General notice. SUMMARY: This notice advises the public that the quarterly Inter- nal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will remain the same from the previous quarter. For the calendar quarter beginning January 1, 2021, the interest rates for overpayments will be 2 percent for corporations and 3 percent for non-corporations, and the interest rate for underpayments will be 3 percent for both corporations and non-corporations. This notice is published for the convenience of the importing public and U.S. Cus- toms and Border Protection personnel. DATES: The rates announced in this notice are applicable as of January 1, 2021. FOR FURTHER INFORMATION CONTACT: Bruce Ingalls, Revenue Division, Collection Refunds & Analysis Branch, 6650 Telecom Drive, Suite #100, Indianapolis, Indiana 46278; telephone (317) 298-1107. SUPPLEMENTARY INFORMATION: Background Pursuant to 19 U.S.C. 1505 and Treasury Decision 85-93, pub- lished in the Federal Register on May 29, 1985 (50 FR 21832), the interest rate paid on applicable overpayments or underpayments of customs duties must be in accordance with the Internal Revenue Code rate established under 26 U.S.C. 6621 and 6622. Section 6621 provides different interest rates applicable to overpayments: One for corporations and one for non-corporations. The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS) on behalf of the 1

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