Utah, IRS Late Filing, Tax Payment Penalties
1. Extension based late tax payment penalty: A: 2% per month calculated on a daily basis.
B. Avoid this penalty if you pay up to 90% of the final Utah taxes of current year, 100% of previous year tax liability, or 90% of the current year tax liability if you did not file a return or had zero tax in the prior year.
2. Late Filing Penalty and Late Payment Penalty: A: 1 – 5 days you file your tax return after the due date: Greater of $20 or 2% of unpaid tax.
B: 6 – 15 days you file your tax return after the due date: Greater of $20 or 5%gof unpaid tax.
C: 16 or more days you file your tax return after the due date: greater of $20 or 10% of unpaid tax.
3. IRS Penalties: calculate and estimate your
potential IRS income tax return penalties.