Is penalty and interest assessed for late payment of tax withheld or for late filing ?
Penalty of $25.00 plus 5% of the tax due on the return is imposed for late payment and 5% of the tax due, before any payments or credits, is imposed for late filing. Penalty accrues monthly, or a fraction thereof, not to exceed $25.00 plus 25% of the tax due, before payments or credits. Interest accrues at the rate of 1% per month, or fraction thereof, until payment is received. This is in addition to any other applicable penalties. O.C.G.A. ยง 48-7-126(c); O.C.G.A.
