How are late payment penalties calculated?
The late payment penalty rate is 0.05% per day. The number of days late is determined by using the date of receipt of the payment or the date of electronic transmission of the tax payment. The penalty is calculated by multiplying (1) the amount of the payment, (2) the rate of 0.05%, and (3) the number of days late. Our office calculates the late payment penalty on all late payments and sends an invoice for the amount due.
