| |
Item |
|
Interest |
|
Penalty |
| 1. |
Underestimation of Taxes |
|
|
|
|
|
a. Failure to pay a installment when due. [TG
- Sec. 13-602(a) 13-702(a)] |
|
Interest charged from due date until tax is paid. |
|
5% of unpaid tax for 1 to 30 days late.
10% of unpaid tax for 31 to 60 days late.
25% of unpaid tax for over 60 days. |
|
b. Quarterly estimated tax payment is less than
25% of the required annual estimated tax or total annual estimated
tax payment is less than: (1) 90% of the tax required to be
shown on the return for the current tax year and (2) 110% of
the tax paid for the prior tax year. |
|
Interest charged from due date until tax is paid
on amount of underestimate. |
|
10% of underpayment during installment period |
| 2. |
Failure to pay tax when due, including failure
to pay tax by electronic funds transfer when required TG-Sec.
13-104(c), 13-601(a), 13-701(a). |
|
Interest charged from due date until tax is paid. |
|
5% of unpaid tax for 1 to 30 days late.
10% of unpaid tax for 31 to 60 days late.
25% of unpaid tax for over 60 days. |
| 3. |
Failure to file return and pay tax within 30 days
after notice of demand for return is mailed. [TG-Sec.
13-402(a)(5), 13-708]. |
|
|
|
25% of tax assessed |
| 4. |
Filing a false return or failure to file a return
with the intent to evade payment of the tax. (TG-Sec.
13-703, 13-704) |
|
|
|
100% of the underpayment of the tax |
| 5. |
Tax payment check not honored by bank. (TG
-Sec.
13-713) |
|
|
|
$30 Service charge. |