State law authorizes the imposition of interest and penalty when taxpayers fail to comply with the
filing or payment requirements of the franchise taxes.
While the law authorizes the Department to waive interest and penalty for reasonable cause, it is our
intention to impose interest and penalty according to the attached schedule in the absence of extenuating
circumstances beyond the control of the taxpayer. Attached schedules A and B provide guidelines for imposing
interest and penalty for the Financial Institution Franchise Tax and the Public Service Company Franchise Tax.
Attachments: 1, 2
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