Late Tax Filing Penalties
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Question: what are penalties for Late Tax Filing?
I’m wondering about employers quarterly taxes–and just a few days late not months.
Answer: Late filing of the Form 941 is 5% of the tax due with the return per month or part of a month that it’s late, capped at 25%.
Late deposit penalties are 2% for 1 – 5 days late, 5% for 6 – 15 days late and 10% for 16 or more days late. If the IRS sends a demand notice, it rises to 15%.
If they impose the Trust Fund Penalty (rare for a simple late payment, usually reserved for failure to withhold and pay SS, Medicare & Income taxes) it’s 100% of the unpaid tax.
The 7 Most Common Tax Mistakes
Tax season is quickly approaching and the filing deadline will be here before you know it. If you haven’t filed your taxes yet, it’s time for action. You should get started by getting your tax return together, organizing all of your information and double checking your returns to make sure that they are complete and accurate.
IRS Penalties
