You will owe a late filing penalty if you do not file a processable return by the due date. Also, you will owe a late payment penalty if you do not pay the amount you owe by the original due date of the return. In addition, you will owe a bad check penalty if your remittance is not honored by your financial institution. Furthermore, you will have to pay for the cost of collection fee if you do not pay the amount you owe within 30 days of the date printed on the notice of assessment.
Posted in: General Operation