Are penalties and interest assessed for filing late or not filing a return?
Yes. Pursuant to State statute, penalties are imposed for filing late or not filing. Penalties are assessed at the rate of 10 percent per month of the taxes due, up to a maximum of 50 percent of the total taxes due. The minimum penalty is $10. Interest is determined by the market interest rate adjusted at six-month intervals (January 1 and July 1). Rates can be obtained by calling 386 254 4668. Interest is assessed from the date of the return is due until payment is remitted. The post office postmark, not a postage meter date, is considered the payment date. Are tax returns subject to an audit? Yes. Tax returns are subject to an audit. Property owners will be given advance notice of an audit. How long must the property owner keep these tax records? Tax returns must be kept on file for five years. What laws govern or regulate the Tourist Development Tax? Chapters 125 and 212 of the Florida statutes, Department of Revenue Rules and Regulations 12A-1.060 through 12A-1.061 and Volusia Coun
