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:
“We all end up living secret lives. We create what we are willing to admire and admiring what we shouldn’t confess to the secret of our own sin, our own insufficiency, our own sadness. We all end up taking our secrets into the world and handing them over to strangers, only to realize it’s often too late to claim them back. The very nature of time passing is sad beyond words. Memories mean they’re gone.”
—Alexander Theroux (b. 1940)
“I am the very pattern of a modern Major-Gineral,
I’ve information vegetable, animal, and mineral;
I know the kings of England, and I quote the fights historical,
From Marathon to Waterloo, in order categorical;”
—Sir William Schwenck Gilbert (1836–1911)
“Lise: Look, monsieur, I don’t know what type of girl you think I am, but I’m not. And now I would like to return to my friends.
Jerry: I thought you were bored with them. You sure looked it.
Lise: You should see me now.
Jerry: Ouch.”
—Alan Jay Lerner (1918–1986)
“I’ve got to go. That’s one of the penalties of being a doctor. I never seem to finish a conversation.”
—Robert M. Fresco, and Jack Arnold. Dr. Matt Hastings (John Agar)