What is the penalty for failure to file Form OL-3 timely?
For tax periods starting on or after July 1, 2008: Five percent (5%) per month, or a fraction of a month, of the amount of the unpaid tax which would have been due. Penalty for failure to file/pay will be a minimum of $25.00 not to exceed a maximum of twenty-five percent (25%) of the total tax liability. Interest is computed at twelve percent (12%) per annum from the original due date until the date of payment.
