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  1. #1
    Join Date
    Apr 2012
    Posts
    1

    Default City Tax Penalties

    What is the maximum percentage that a city can penalize a company for a late tax payment. Example: If $1000 was due in a given year and the payment was late, can the city penalize the company 100% or $1000, so now the company would owe $2000? That seems extreme.

  2. #2
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,276

    Default Re: City Tax Penalties

    There is only the % per year ... it can add up to a million % of the "principle" over enough time

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,155

    Default Re: City Tax Penalties

    Laws vary by state and country, and penalties may vary by the nature of the tax under discussion. Also, penalties, interest and late fees can add up quickly.

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