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Is there a penalty imposed for not timely filing returns and paying tax?

April 26, 2017filing imposed paying penalty returns tax timely

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Is there a penalty imposed for not timely filing returns and paying tax?

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Penalty for failure to timely file = 10% of the tax due, if 90% of the tax isn’t paid by the due date. Penalty for failure to timely pay the tax due = 5% of the tax due, if 90% isn’t paid by the due date. If both penalties apply, only the 10% penalty is charged.