Are penalties charged for not paying taxes timely and not submitting quarterly reports timely?
Yes. Penalties are charged in addition to interest. • A penalty for late filing is charged beginning 30 days after the due date of the report. The amount of penalty for late reporting is an additional 10 percent of tax due. • An additional penalty for late payment is charged 60 days after due date or when a warrant for collection is issued. The amount of this penalty is 10 percent of tax due. Total penalties generally will not exceed 20 percent for any calendar quarter.
