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JKCPA, CPA
Category: Tax
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Experience:  CPA with tax experience.
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What penalty is assessed when a form 940 is filed late?

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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%.

 

In addition, 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.

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Resolved Question:

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?

Submitted: 6 years ago.
Category: Tax
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%.
In addition, 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.
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