What are the penalties for not filing Form 940-PR on time?
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Last modified 10/5/2023 6:14:27 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
If Form 940-PR is not submitted by the due date, a penalty of 5% of the tax due will be applied.
This amount will accumulate monthly until the amount due is paid in full. The IRS will also penalize you for making a late payment or for not paying the amount due in full. You will be charged 2-15% of the unpaid tax, depending on how many days you are in arrears.
Click here to learn more about 940 penalties.