Is a business entity subject to interest and penalty for failure to timely pay the BET?
Yes. Failure to pay the BET when due subjects a business entity to a $50 late payment penalty. DRS may waive all or part of the penalty when it is proven the failure to pay the tax on time was due to a reasonable cause and was not intentional or due to neglect. Interest accrues on any unpaid tax at the rate of 1% (.01) per month or fraction of a month from the due date until the date of payment. 8. Will an extension of time to file Form OP-424 or to pay the business entity tax be granted to a business entity? No. 9. Is the BET deductible for federal income tax purposes? The Department of Revenue Services (DRS) does not answer questions about whether items are deductible for federal income tax purposes. Contact the Internal Revenue Service (IRS) at 1-800-829-1040 for information about whether the BET is deductible for federal income tax purposes. 10. For Connecticut income tax purposes, is the BET considered to be an income tax imposed by this state and required to be added to federal a
