"The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be: 4% for underpayments;"
"Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points."
So expect the next penalty rate to be 4.75% or higher.
I did not know that. This is obviously in your wheel house and I appreciate your sharing your expertise with another FReeper, Gratis!