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Table 2

3/16/2010 – 3/15/2011: 3% for the

We may give it to cities, states, the

1st $10,000 (1.5% for any amount

District of Columbia, and U.S.

Interest Rates for Corporate

exceeding $10,000).

commonwealths or possessions to

Increases or Decreases in Tax

carry out their tax laws. We may give it

of $10,000 or Less

The interest rate and accrual period

to foreign governments because of tax

for the 2009 redetermination year would

From

Through

Rate

Table

Page

treaties they have with the United

be:

1/1/04

3/31/04

613

•

States. We may also disclose this

3/16/2010 – 3/15/2011: 3% for the

4/1/04

6/30/04

615

information to Federal and state

1st $10,000 (1.5% for any amount

7/1/04

9/30/04

613

agencies to enforce Federal nontax

exceeding $10,000).

10/1/04

12/31/04

615

criminal laws and to combat terrorism.

1/1/05

3/31/05

567

Privacy Act and Paperwork

4/1/05

9/30/05

569

If you do not file Form 8697, do not

Reduction Act Notice. The Privacy

10/1/05

6/30/06

571

provide the information we ask for, or

7/1/06

12/31/07

573

Act of 1974 and Paperwork Reduction

provide fraudulent information, you may

1/1/08

3/31/08

619

Act of 1980 say that when we ask you

forfeit any refund of interest otherwise

4/1/08

6/30/08

617

for information we must tell you our

owed to you, be charged penalties, or

7/1/08

9/30/08

615

legal right to ask for it, why we are

be subject to criminal prosecution.

10/1/08

12/31/08

617

asking for it, and how it will be used.

1/1/09

3/31/09

567

The time needed to complete and

We must also tell you what could

4/1/09

12/31/10

565

file this form will vary depending on

1/1/11

3/31/11

563

happen if we do not receive it and

individual circumstances. The

4/1/11

9/30/11

565

whether your response is voluntary or

estimated burden for individual

10/1/11

3/31/12

563

mandatory under the law.

taxpayers filing this form is approved

Section 460 provides special rules

under OMB control number 1545-0074

Table 3

for computing interest under the

and is included in the estimates shown

Interest Rates for Corporate

look-back method for completed

in the instructions for their individual

Increases or Decreases in Tax

long-term contracts. Section 6001 and

income tax return. The estimated

Exceeding $10,000

its regulations say that you must file a

burden for all other taxpayers who file

return or statement with us for any tax

this form is shown below.

From

Through

Rate

Table

Page

you are liable for. Your response is

1/1/04

3/31/04

1.5%

610

mandatory under this section and its

4/1/04

6/30/04

2.5%

612

Recordkeeping

regulations. Section 6109 and its

7/1/04

9/30/04

1.5%

610

Part I . . . . . . . . . . . . . . .

8 hr., 36 min.

regulations say that you must show

10/1/04

3/31/05

2.5%

564

Part II . . . . . . . . . . . . . .

9 hr., 19 min.

4/1/05

9/30/05

3.5%

566

your identifying number (social security

10/1/05

6/30/06

4.5%

568

number or employer identification

Learning about the law

7/1/06

12/31/07

5.5%

570

number) on what you file. This is so we

or the form

1/1/08

3/31/08

4.5%

616

know who you are and can process

Part I . . . . . . . . . . . . . . .

2 hr., 22 min.

4/1/08

6/30/08

3.5%

614

your return and other papers.

Part II . . . . . . . . . . . . . .

2 hr., 5 min.

7/1/08

9/30/08

2.5%

612

10/1/08

3/31/09

2.5%

564

You are not required to provide the

Preparing, copying,

4/1/09

12/31/09

1.5%

562

information requested on a form that is

assembling, and

1/1/11

3/31/11

.5%

–

subject to the Paperwork Reduction Act

sending the form to the

4/1/11

9/30/11

1.5%

562

unless the form displays a valid OMB

10/1/11

3/31/12

.5%

–

IRS

control number. Books or records

Part I . . . . . . . . . . . . . . .

2 hr., 37 min.

relating to a form or its instructions

Example of Applicable Interest Rates

Part II . . . . . . . . . . . . . .

2 hr., 19 min.

must be retained as long as their

for Look-back Interest.

contents may become material in the

If you have comments concerning

A C Corporation taxpayer completed

administration of any Internal Revenue

the accuracy of these time estimates or

contracts subject to look-back interest

law. Generally, tax returns and return

suggestions for making this form

during the 2010 calendar year. The

information are confidential, as required

simpler, we would be happy to hear

contracts were started in 2008, so 2008

by section 6103.

from you. You can write to the Internal

and 2009 are redetermination years.

Revenue Service, Tax Products

We ask for the information on this

The corporate tax return due date,

Coordinating Committee,

form to carry out the Internal Revenue

without extensions, for all years is

SE:W:CAR:MP:T:M:S, 1111

laws of the United States. We need this

March 15.

Constitution Ave., NW, IR-6526,

information to ensure that you are

For computing look-back interest,

Washington, DC 20224. Do not send

complying with these laws and to figure

the interest rates and accrual period for

the tax form to this address. Instead,

and collect or refund the correct

the 2008 redetermination year would

see Filing Instructions, earlier.

amount of interest.

be:

•

We may give the information to the

3/16/2009 – 3/15/2010: 4% for the

Department of Justice and to other

1st $10,000 (2.5% for any amount

Federal agencies, as provided by law.

exceeding $10,000).

-7-

Instructions For Form 8697 Draft (Rev. December 2011) - Interest Computation Under The Look-Back Method For Completed Long-Term Contracts Page 7

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