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I am two weeks late filing my Corporations 944 and 940 Forms (I’m told they're due February 1st) -- is it likely that I’ll be assessed a penalty by the IRS, if so, how much will that be?
Thanks for your question.
If you paid all the tax by Jan. 31, 2010, there will not be any amount for penalty/interest charged but you should file the return as soon as possible.
If you owe tax with your returns, there will be a late filing penalty and late payment penalty of a combined 5% on the amount of tax paid late for up to 1 month late. Interest is charged at a rate of generally 4-5% per year, so for 1 month late, for example, it would be about 4%/12 = 0.33%.
Also, if you were required to pay by federal tax deposit and did not do that timely, there could be a late deposit penalty charged ranging from 2% to 15% of the amount not deposited timely.
Hope this helps.