What is the penalty and interest rate for filing a late DI return?
A penalty of ten percent of the tax owed will be assessed on late-filed returns. To avoid penalty for late filing, the tax returns must be postmarked no later than midnight on the date indicated. If the last day of the month falls on a Saturday, Sunday or legal holiday, the next business day will be considered as filed timely. Interest is assessed on all delinquent taxes due. The interest rate varies and the current rate is noted on line 11 on the front of your return. Interest will be calculated from the date the tax was due for each month or fraction of a month until paid. Returns will be furnished each quarter. Failure to receive the return does not relieve you from the obligation of filing in a timely manner or submitting the return.
