Are there penalties for late filing or underpayment of NC UI taxes?

Yes, North Carolina imposes penalties and interest for both late filing and underpayment of Unemployment Insurance (UI) taxes:

1. Late Filing Penalties: Employers who fail to submit UI reports by the due date may be subject to late filing penalties. The penalty amount depends on the length of the delay and the specific circumstances.

2. Underpayment Penalties: If an employer underpays UI taxes, interest is charged on the unpaid amount from the original due date until the payment is made in full. Additionally, a penalty for underpayment may apply.

To avoid penalties, employers should file UI reports accurately and on time, and promptly correct any underpayment issues as soon as they are discovered.