TAXPAYER NONCOMPLIANCE PENALTIES:
01.Core Concepts
EXAMPLE (2 OF 2) Failure to Pay Runs Concurrently with Failure to File for the First 5 Months Failure to File 1st 5 Months (5% x $5,000) $1,250 Failure to Pay 1st 5 Months (0.5% x $5,000) $125 Initial Total $1,375 Less the Failure to Pay for 1st 5 Months ($125) Total for 1st 5 Months $1,250 Failure to Pay Next 17 Months (0.5% x $5,000) $425 Total Penalty $1,675