Failure to send payments for taxes by the date due results in interest charges. Interest is charged at the rate of 1.5% per month or 18% a year. Other Penalties Failure to send in the report by the due date results in a late file penalty of $25.00. In addition to other penalties provided by law, the failure of an employer to furnish wage and tax statements (W-2 forms) to the DOR by the due date must result in a $50 minimum penalty, or a $5 per W-2 penalty for each failure, whichever is greater.
For tax purposes, amounts the IRS may assess in addition to a tax deficiency and interest. The tax Code provides for penalties at various levels for infractions such as fraud, underpayment of estimated tax, late filing of a return, and late payment of tax.
For tax purposes, amounts that the IRS may assess at a statutory rate as an addition to a tax deficiency and interest. The tax Code provides for penalties for various infractions, such as underpayment of estimated tax, late filing of a return, late payment of tax, substantial understatement of tax, negligent or intentional disregard of rules, and fraud.