Ga. Comp. R. & Regs. R. 560-7-8-.10 - Penalties for Late Filing.Amended
(1) If an income tax return is not filed on
or before the due date therefor, a penalty as hereinafter provided shall be
added to and collected as a part of the tax due thereon, unless the taxpayer
proves to the satisfaction of the Commissioner that there is reasonable cause
for such delinquency, or unless the taxpayer furnishes with his return a copy
of an extension of time granted by the Internal Revenue Service and files such
return within such extended time.
(2) The penalty, cited above, shall be 5% for
each month or fractional part thereof of delinquency. For purposes of this
section, the term "month" shall mean the period from the date of the month on
which the return is due to the same date in the next succeeding month, and
thereafter to the corresponding date of each succeeding month. A penalty
assertable under this section shall be computed on the tax required to be shown
on the return less any allowable credits or payments made on or before the
statutory date prescribed for payment of tax.
(3) In the event both the late filing penalty
and the late payment penalty imposed by O.C.G.A. §
48-7-86 are imposed in the same
month, the amount of the late filing penalty shall be reduced by the amount of
the late payment penalty that is imposed in such month.
(4) The maximum late filing penalty and late
payment penalty imposed by O.C.G.A. §
48-7-86 shall not exceed 25% of
the tax not paid by the due date (excluding extensions).
Notes
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