Late Information Return Penalties
Certain types of returns do not require payment of tax. These include forms filed by employers to report wages (Form W-2) and businesses to report certain payments (Form 1099 series instructions). The penalty for failures related to these forms is a small dollar amount per form not timely filed, and the amount of penalty increases with the degree of lateness. The current maximum penalty for these forms is $50. Many of the forms must be filed electronically, and filing on paper is considered non-filing.
Late filing of partnership returns can result in penalties of $195 per month per partner. Similar penalties may apply to S corporation returns.
Read more about this topic: IRS Penalties
Famous quotes containing the words late, information, return and/or penalties:
“Sir Andrew Aguecheek. I know, to be up late is to be up late.
Sir Toby Belch. A false conclusion. I hate it as an unfilled can. To be up after midnight and to go to bed then, is early; so that to go to bed after midnight is to go to bed betimes.”
—William Shakespeare (1564–1616)
“I believe it has been said that one copy of The Times contains more useful information than the whole of the historical works of Thucydides.”
—Richard Cobden (1804–1865)
“... in spite of everything, I still believe that people are really good at heart. I simply can’t build up my hopes on a foundation consisting of confusion, misery, and death. I see the world gradually being turned into a wilderness, I hear the ever approaching thunder, which will destroy us too, I can feel the sufferings of millions and yet, if I look up into the heavens, I think that it will all come right, that this cruelty too will end, and that peace and tranquillity will return again.”
—Anne Frank (1929–1945)
“One of the great penalties those of us who live our lives in full view of the public must pay is the loss of that most cherished birthright of man’s privacy.”
—Mary Pickford (1893–1979)