What are the Penalties for Late Payment for a Business ?

Modified on Tue, 20 Dec 2022 at 02:18 PM

If you are not able to pay the taxes you owe by your original filing due date, the balance owed is subject to interest and a monthly late payment penalty.  It is always in your best interest to pay in full as soon as you can to minimize the additional charges.


* Note - There is also a separate penalty for failure to file a tax return, so you should file your return timely or request an extension even if you cannot pay your balance in full to avoid the failure to file penalty.

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