Corporate Income Tax: Late Payment Penalty State Law Survey

Summary

This survey provides a summary of laws in all 50 states plus the District of Columbia governing penalties imposed for the late payment of corporate income taxes. One of the most challenging tasks facing multistate corporate taxpayers is complying with the return filing and corresponding tax payment deadlines imposed by the different states in which the taxpayer has an income tax obligation. A taxpayer with operations in several states and with multiple corporate entities can easily find itself in a constant state of tax return preparation and payment. Besides the sheer volume of the returns and the potential large number of payments to be made, the issue is significantly complicated because the states have differing rules concerning the availability of automatic extensions and other events that can potentially change the due date for the filing of a tax return or the payment of an amount of income tax due.