A penalty is charged for not paying taxes before the due date. The late payment penalty is 0.5% of the tax due after the due date, for each month or part of the month that the tax remains unpaid, up to a maximum of 25%. You won't have to pay the penalty if you can show that there is reasonable cause for not paying on time.
What are the penalties under the irs code for not paying taxes on time?
A penalty is charged for not paying taxes before the due date. The late payment penalty is 0.5% of the tax due after the due date, for each month or part of the month that the tax remains unpaid, up to a maximum of 25%.
Deanna Trueman16/07/20230 minutes 20, seconds read0 RepliesDeanna Trueman
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