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Financial Planning / Tax Strategies
|Subject: Re: 1099 in October||Date: 10/12/2013 4:54 PM|
|Author: TMFPMarti||Number: 119293 of 125456|
The penalty for late payment is 0.5% of the tax due per month late, with a maximum of 25% of the late tax.
That's true for late payment of tax shown on the return, running from the original due date.
However, here we're talking about an amended return. Lat payment penalty on that type of assessment (audits also) doesn't start running until 20(?) days after it's assessed. If you pay the additional tax with the amended return there will be no penalty.
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