TaxBandits Knowledge Base

What are the penalties for not filing Form 940-PR on time?

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.