Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties, 15445-15446 [2022-05688]

Download as PDF 15445 Federal Register / Vol. 87, No. 53 / Friday, March 18, 2022 / Notices percent for non-corporations, and the interest rate for underpayments will be 4 percent for both corporations and noncorporations. This notice is published for the convenience of the importing public and U.S. Customs and Border Protection personnel. DATES: The rates announced in this notice are applicable as of April 1, 2022. 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: PEIS. This notice is issued under authority of NEPA, specifically in compliance with 42 U.S.C. 4332(2)(C) and CEQ implementing regulations in 40 CFR parts 1500 through 1508. Dated: March 14, 2022. Aaron Pagnotti, Waterways Commerce Cutter Program Manager. [FR Doc. 2022–05703 Filed 3–17–22; 8:45 am] BILLING CODE 9110–04–P DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection Quarterly IRS Interest Rates Used in Calculating Interest on Overdue Accounts and Refunds on Customs Duties U.S. Customs and Border Protection, Department of Homeland Security. ACTION: General notice. AGENCY: This notice advises the public that the quarterly Internal Revenue Service interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties will increase from the previous quarter. For the calendar quarter beginning April 1, 2022, the interest rates for overpayments will be 3 percent for corporations and 4 SUMMARY: Background Pursuant to 19 U.S.C. 1505 and Treasury Decision 85–93, published 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 noncorporations. The interest rates are based on the Federal short-term rate and determined by the Internal Revenue Service (IRS) on behalf of the Secretary of the Treasury on a quarterly basis. The rates effective for a quarter are determined during the jspears on DSK121TN23PROD with NOTICES1 Beginning date 070174 070175 020176 020178 020180 020182 010183 070183 010185 070185 010186 070186 010187 100187 010188 040188 100188 040189 100189 040191 010192 040192 100192 070194 100194 040195 070195 040196 070196 VerDate Sep<11>2014 18:27 Mar 17, 2022 Under-payments (percent) Ending date ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... Jkt 256001 063075 013176 013178 013180 013182 123182 063083 123184 063085 123185 063086 123186 093087 123187 033188 093088 033189 093089 033191 123191 033192 093092 063094 093094 033195 063095 033196 063096 033198 .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. PO 00000 Frm 00088 Fmt 4703 first-month period of the previous quarter. In Revenue Ruling 2022–05, the IRS determined the rates of interest for the calendar quarter beginning April 1, 2022, and ending on June 30, 2022. The interest rate paid to the Treasury for underpayments will be the Federal short-term rate (1%) plus three percentage points (3%) for a total of four percent (4%) for both corporations and non-corporations. For corporate overpayments, the rate is the Federal short-term rate (1%) plus two percentage points (2%) for a total of three percent (3%). For overpayments made by non-corporations, the rate is the Federal short-term rate (1%) plus three percentage points (3%) for a total of four percent (4%). These interest rates used to calculate interest on overdue accounts (underpayments) and refunds (overpayments) of customs duties are increased from the previous quarter. These interest rates are subject to change for the calendar quarter beginning July 1, 2022, and ending on September 30, 2022. For the convenience of the importing public and U.S. Customs and Border Protection personnel, the following list of IRS interest rates used, covering the period from July of 1974 to date, to calculate interest on overdue accounts and refunds of customs duties, is published in summary format. Sfmt 4703 Over-payments (percent) 6 9 7 6 12 20 16 11 13 11 10 9 9 10 11 10 11 12 11 10 9 8 7 8 9 10 9 8 9 E:\FR\FM\18MRN1.SGM 6 9 7 6 12 20 16 11 13 11 10 9 8 9 10 9 10 11 10 9 8 7 6 7 8 9 8 7 8 18MRN1 Corporate overpayments (eff. 1–1–99) (percent) .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. .............................. 15446 Federal Register / Vol. 87, No. 53 / Friday, March 18, 2022 / Notices Beginning date 040198 010199 040199 040100 040101 070101 010102 010103 100103 040104 070104 100104 040105 100105 070106 010108 040108 070108 100108 010109 040109 010111 040111 100111 040116 040118 010119 070119 070120 040122 ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... ................................................... 123198 033199 033100 033101 063001 123101 123102 093003 033104 063004 093004 033105 093005 063006 123107 033108 063008 093008 123108 033109 123110 033111 093011 033116 033118 123118 063019 063020 033122 063022 Dated: March 11, 2022. Jeffrey Caine, Chief Financial Officer, U.S. Customs and Border Protection. BILLING CODE 9111–14–P U.S. Customs and Border Protection Streamlining I–94 Issuance at the Land Border jspears on DSK121TN23PROD with NOTICES1 A. The Form I–94 To increase efficiency, reduce operating costs, and streamline the admissions process, U.S. Customs and Border Protection (CBP) is now issuing electronic Form I–94s (Arrival/ Departure Record) at land ports of entry. The Form I–94 documents nonimmigrants’ status in the United States, the approved length of stay, and departure information. CBP has automated the Form I–94 process for the majority of nonimmigrants arriving by air and sea. However, CBP previously issued paper Form I–94s to nonimmigrants arriving by land. For Jkt 256001 SUPPLEMENTARY INFORMATION: I. Background U.S. Customs and Border Protection, DHS. ACTION: General notice. AGENCY: 18:27 Mar 17, 2022 Tricia Kennedy, Office of Field Operations, U.S. Customs and Border Protection at Tricia.Kennedy@ cbp.dhs.gov or (813) 927–6420. The Department of Homeland Security (DHS) delegated its authority to issue and process the Form I–94 (Arrival/Departure Record) to U.S. Customs and Border Protection (CBP). See DHS Delegation 7010.3 II.B.5 (May 11, 2006). CBP issues a Form I–94 to certain nonimmigrants who are eligible for admission or parole in the United States. Each arriving nonimmigrant who is admitted to the United States, including nonimmigrants arriving by commercial conveyances, must be issued a Form I–94 as evidence of the terms of admission, unless otherwise PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 Corporate overpayments (eff. 1–1–99) (percent) Over-payments (percent) 8 7 8 9 8 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 5 6 5 3 4 FOR FURTHER INFORMATION CONTACT: DEPARTMENT OF HOMELAND SECURITY SUMMARY: .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. land arrivals, CBP is no longer issuing paper forms to nonimmigrants upon arrival except in limited circumstances and upon nonimmigrant request if feasible. Nonimmigrants can access Form I–94s online or via mobile application. [FR Doc. 2022–05688 Filed 3–17–22; 8:45 am] VerDate Sep<11>2014 Under-payments (percent) Ending date 7 7 8 9 8 7 6 5 4 5 4 5 6 7 8 7 6 5 6 5 4 3 4 3 4 5 6 5 3 4 .............................. 6 7 8 7 6 5 4 3 4 3 4 5 6 7 6 5 4 5 4 3 2 3 2 3 4 5 4 2 3 exempted.1 See section 235.1(h) of title 8 of the Code of Federal Regulations (8 CFR 235.1(h)). CBP generally issues the Form I–94 to nonimmigrants at the time they lawfully enter the United States. The current Form I–94 documents nonimmigrants’ arrival and departure information, as well as their biographical information, such as name, birth date, sex, country of citizenship, visa and passport information or Alien Registration Number for certain categories of nonimmigrant, country of residence, address and telephone number while in the United States, and email address. For nonimmigrants admitted to the United States, the Form I–94 becomes the evidence of the terms of their admission. For nonimmigrants paroled into the United States, the Form I–94 reflects the duration and classification of parole. Currently, the Form I–94 process is automated for nonimmigrants arriving by air or sea. For nonimmigrants arriving by land, CBP utilized a paper I–94 process that included a nonautomated electronic 1 The Form I–94 is not required for nonimmigrants seeking admission to the United States under the Visa Waiver Program (VWP). Rather, the Form I–94W is the form required for nonimmigrants seeking admission into the United States under the VWP. The other categories of nonimmigrants not subject to the I–94 requirement are enumerated in 8 CFR 235.1(h)(1). E:\FR\FM\18MRN1.SGM 18MRN1

Agencies

[Federal Register Volume 87, Number 53 (Friday, March 18, 2022)]
[Notices]
[Pages 15445-15446]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05688]


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DEPARTMENT OF HOMELAND SECURITY

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 Internal 
Revenue Service interest rates used to calculate interest on overdue 
accounts (underpayments) and refunds (overpayments) of customs duties 
will increase from the previous quarter. For the calendar quarter 
beginning April 1, 2022, the interest rates for overpayments will be 3 
percent for corporations and 4 percent for non-corporations, and the 
interest rate for underpayments will be 4 percent for both corporations 
and non-corporations. This notice is published for the convenience of 
the importing public and U.S. Customs and Border Protection personnel.

DATES: The rates announced in this notice are applicable as of April 1, 
2022.

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, published 
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 
Secretary of the Treasury on a quarterly basis. The rates effective for 
a quarter are determined during the first-month period of the previous 
quarter.
    In Revenue Ruling 2022-05, the IRS determined the rates of interest 
for the calendar quarter beginning April 1, 2022, and ending on June 
30, 2022. The interest rate paid to the Treasury for underpayments will 
be the Federal short-term rate (1%) plus three percentage points (3%) 
for a total of four percent (4%) for both corporations and non-
corporations. For corporate overpayments, the rate is the Federal 
short-term rate (1%) plus two percentage points (2%) for a total of 
three percent (3%). For overpayments made by non-corporations, the rate 
is the Federal short-term rate (1%) plus three percentage points (3%) 
for a total of four percent (4%). These interest rates used to 
calculate interest on overdue accounts (underpayments) and refunds 
(overpayments) of customs duties are increased from the previous 
quarter. These interest rates are subject to change for the calendar 
quarter beginning July 1, 2022, and ending on September 30, 2022.
    For the convenience of the importing public and U.S. Customs and 
Border Protection personnel, the following list of IRS interest rates 
used, covering the period from July of 1974 to date, to calculate 
interest on overdue accounts and refunds of customs duties, is 
published in summary format.

----------------------------------------------------------------------------------------------------------------
                                                                                                   Corporate
                                                           Under-payments     Over-payments       overpayments
          Beginning date                Ending date          (percent)          (percent)        (eff. 1-1-99)
                                                                                                   (percent)
----------------------------------------------------------------------------------------------------------------
070174...........................  063075..............                  6                  6  .................
070175...........................  013176..............                  9                  9  .................
020176...........................  013178..............                  7                  7  .................
020178...........................  013180..............                  6                  6  .................
020180...........................  013182..............                 12                 12  .................
020182...........................  123182..............                 20                 20  .................
010183...........................  063083..............                 16                 16  .................
070183...........................  123184..............                 11                 11  .................
010185...........................  063085..............                 13                 13  .................
070185...........................  123185..............                 11                 11  .................
010186...........................  063086..............                 10                 10  .................
070186...........................  123186..............                  9                  9  .................
010187...........................  093087..............                  9                  8  .................
100187...........................  123187..............                 10                  9  .................
010188...........................  033188..............                 11                 10  .................
040188...........................  093088..............                 10                  9  .................
100188...........................  033189..............                 11                 10  .................
040189...........................  093089..............                 12                 11  .................
100189...........................  033191..............                 11                 10  .................
040191...........................  123191..............                 10                  9  .................
010192...........................  033192..............                  9                  8  .................
040192...........................  093092..............                  8                  7  .................
100192...........................  063094..............                  7                  6  .................
070194...........................  093094..............                  8                  7  .................
100194...........................  033195..............                  9                  8  .................
040195...........................  063095..............                 10                  9  .................
070195...........................  033196..............                  9                  8  .................
040196...........................  063096..............                  8                  7  .................
070196...........................  033198..............                  9                  8  .................

[[Page 15446]]

 
040198...........................  123198..............                  8                  7  .................
010199...........................  033199..............                  7                  7                  6
040199...........................  033100..............                  8                  8                  7
040100...........................  033101..............                  9                  9                  8
040101...........................  063001..............                  8                  8                  7
070101...........................  123101..............                  7                  7                  6
010102...........................  123102..............                  6                  6                  5
010103...........................  093003..............                  5                  5                  4
100103...........................  033104..............                  4                  4                  3
040104...........................  063004..............                  5                  5                  4
070104...........................  093004..............                  4                  4                  3
100104...........................  033105..............                  5                  5                  4
040105...........................  093005..............                  6                  6                  5
100105...........................  063006..............                  7                  7                  6
070106...........................  123107..............                  8                  8                  7
010108...........................  033108..............                  7                  7                  6
040108...........................  063008..............                  6                  6                  5
070108...........................  093008..............                  5                  5                  4
100108...........................  123108..............                  6                  6                  5
010109...........................  033109..............                  5                  5                  4
040109...........................  123110..............                  4                  4                  3
010111...........................  033111..............                  3                  3                  2
040111...........................  093011..............                  4                  4                  3
100111...........................  033116..............                  3                  3                  2
040116...........................  033118..............                  4                  4                  3
040118...........................  123118..............                  5                  5                  4
010119...........................  063019..............                  6                  6                  5
070119...........................  063020..............                  5                  5                  4
070120...........................  033122..............                  3                  3                  2
040122...........................  063022..............                  4                  4                  3
----------------------------------------------------------------------------------------------------------------


    Dated: March 11, 2022.
Jeffrey Caine,
Chief Financial Officer, U.S. Customs and Border Protection.
[FR Doc. 2022-05688 Filed 3-17-22; 8:45 am]
BILLING CODE 9111-14-P