Is there a penalty imposed for not timely filing and paying tax due?
Yes. Penalty and interest is due if the tax is paid after the 20th day of the month in which the tax is due. The “Failure to Timely File Penalty” is 10% of the tax required to be paid or $50.00, whichever is greater. The “Failure to Timely Pay Penalty” is 10% of the tax required to be paid. The “Negligence Penalty” is 5% of the tax required to be paid if the taxpayer is negligent and/or has disregarded the rules and regulations. Interest is 1% per month.
