TN Statewide Board
American Payroll Association:
New York City
American Payroll Association
30 East 33rd Street
New York, NY 10016-5386
American Payroll Association
660 North Main Avenue
San Antonio, TX 78205
Membership Services 210-224-6406
Membership Fax 210-224-6038
American Payroll Association
601 Thirteenth Street, NW
Suite 1000 South
Washington, DC 20005
Welcome to the East Tennessee Chapter of the American Payroll Association.
Our chapter serves Knoxville, TN and surrounding counties,
providing Payroll Professional networking and
training opportunities for our members and chapter friends.
Check out our website as it contains valuable information
for those in the Payroll field.
Come join us for a monthly meeting and network with some professionals in your field and make some new friends.
To provide economical,quality education and networking opportunities to East Tennessee Payroll Professionals; promote excellence within our profession; motivate and empower our members by providing the tools to be knowledgeable of the constant changing and complex Federal, State and Local regulatory issues.
Communication & Assistance
Our website is a source of payroll related information. We provide over 120 payroll related website links and we offer, free of charge, a page for Job Openings in the local area for our members. Communication is vital to any organization and we maintain several communication tools for our members and our friends. If you are in the payroll profession and seeking a place to network and train - please take a moment and Join our chapter. We also encourage you to join the American Payroll Association --it's a great source of valuable information for all payroll professionals.
IRS Tax Tip 2015-63 Inside This Issue
What to Know about Late Filing and Late Paying Penalties
April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on time, you will usually owe interest and penalties on the tax you pay late. You should file your tax return and pay the tax as soon as possible to stop them. Here are eight facts that you should know about these penalties.
1. Two penalties may apply. If you file your federal tax return late and owe tax with the return, two penalties may apply. The first is a failure-to-file penalty for late filing. The second is a failure-to-pay penalty for paying late.
2. Penalty for late filing. The failure-to-file penalty is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. It will not exceed 25 percent of your unpaid taxes.
3. Minimum late filing penalty. If you file your return more than 60 days after the due date or extended due date, the minimum penalty for late filing is the smaller of $135 or 100 percent of the unpaid tax.
4. Penalty for late payment. The failure-to-pay penalty is generally 0.5 percent per month of your unpaid taxes. It applies for each month or part of a month your taxes remain unpaid and starts accruing the day after taxes are due. It can build up to as much as 25 percent of your unpaid taxes.
5. Combined penalty per month. If the failure-to-file penalty and the failure-to-pay penalty both apply in any month, the maximum amount charged for those two penalties that month is 5 percent.
6. File even if you can’t pay. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty. So if you can’t pay in full, you should file your tax return and pay as much as you can. Use IRS Direct Pay to pay your tax directly from your checking or savings account. You should try other options to pay, such as getting a loan or paying by debit or credit card. The IRS will work with you to help you resolve your tax debt. Most people can set up an installment agreement with the IRS using the Online Payment Agreement tool on IRS.gov.
7. Late payment penalty may not apply. If you requested an extension of time to file your income tax return by the tax due date and paid at least 90 percent of the taxes you owe, you may not face a failure-to-pay penalty. However, you must pay the remaining balance by the extended due date. You will owe interest on any taxes you pay after the April 15 due date.
8. No penalty if reasonable cause. You will not have to pay a failure-to-file or failure-to-pay penalty if you can show reasonable cause for not filing or paying on time. There is also penalty relief available for repayment of excess advance payments of the premium tax credit for 2014.
If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.
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Monthly Chapter Meetings
We provide several training events each year. Our regular Monthly Chapter Meeting is held every 3rd Wednesday of the month. We also host a Local Payroll Seminar at least once a year, and we encourage support of the TN Statewide Payroll Conference. Each of these events offers the opportunity for networking, training, and re-certification credits for CPP's & FPC's. Our Director of Education and the officer's board actively seek highly qualified instructors and topics for all our training events.
CPP & FPC certification is a valuable asset to those in the payroll profession. More and more employers seek employees with these certifications.