Penalties for filing a late report
All employers must file a tax report every quarter, including employers who have no payroll for a given quarter. If you fail to submit a report on time, you will be charged a penalty of $25 per report.If your payment is late, you will be charged interest at a rate of one percent of total taxes due per month. A late payment penalty fee is also charged for overdue taxes:
- First month - 5 percent of the total tax due or $10, whichever is greater.
- Second month - an additional 5 percent of total tax due or $10, whichever is greater.
- Third month - an additional 10 percent of total tax due or $10, whichever is greater.
If you owe less than $5, interest will accrue. A statement will be mailed once the amount due is $5 or more.
You also will have to pay a penalty if you file an incomplete report or file on the wrong form.
