Are there penalties for filing form 941 late?

Answer 1

Penalties. For each whole or part month a return is not

filed when required (disregarding any extensions of the if you have any questions.

filing deadline), there is a failure-to-file penalty of 5% of the

unpaid tax due with that return. The maximum penalty is

generally 25% of the tax due. Also, for each whole or part

month the tax is paid late (disregarding any extensions of

the payment deadline), there is a failure-to-pay penalty of

0.5% per month of the amount of tax. For individual filers

only, the failure-to-pay penalty is reduced from 0.5% per

month to 0.25% per month if an installment agreement is in

effect. You must have filed your return on or before the due

date of the return to qualify for the reduced penalty. The

maximum amount of the failure-to-pay penalty is also 25%

of the tax due. If both penalties apply in any month, the

failure-to-file penalty is reduced by the amount of the

failure-to-pay penalty. The penalties will not be charged if

you have a reasonable cause for failing to file or pay. If you

receive a penalty notice, you can provide an explanation of why you believe reasonable cause exists.