Is there a penalty for late filing of tax returns?
Yes. If tax is due, both a failure to file penalty of 5% per month or fraction thereof with a maximum of 25% (minimum $5.00 State and $5.00 county) and a failure to pay penalty of 10% (minimum $5.00 State and $5.00 county) will be due. Interest is due on the amount of tax due from the date the tax was due until it is paid.