New $50 Late Filing Penalty Applies to Tax Reports

Whether you owe any tax or not, Senate Bill 1 passed in June during the special legislative session adds a $50 late filing penalty to most tax forms. Some tax forms must be filed even if you don’t owe any tax and those forms must be filed timely or the $50 penalty will apply. From franchise tax to fireworks tax, many reports are affected. See the details (PDF) as published by State Comptroller Susan Combs.

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