Rule 560-7-8-.10 - Penalties for Late Filing.Amended(1) If an income tax return is not filed on or before the due date therefor, a penalty as hereinafter provided shall be added to and collected as a part of the tax due thereon, unless the taxpayer proves to the satisfaction of the Commissioner that there is reasonable cause for such delinquency, or unless the taxpayer furnishes with his return a copy of an extension of time granted by the Internal Revenue Service and files such return within such extended time.(2) The penalty, cited above, shall be 5% for each month or fractional part thereof of delinquency. For purposes of this section, the term "month" shall mean the period from the date of the month on which the return is due to the same date in the next succeeding month, and thereafter to the corresponding date of each succeeding month. A penalty assertable under this section shall be computed on the tax required to be shown on the return less any allowable credits or payments made on or before the statutory date prescribed for payment of tax.(3) In the event both the late filing penalty and the late payment penalty imposed by O.C.G.A. § 48-7-86 are imposed in the same month, the amount of the late filing penalty shall be reduced by the amount of the late payment penalty that is imposed in such month.(4) The maximum late filing penalty and late payment penalty imposed by O.C.G.A. § 48-7-86 shall not exceed 25% of the tax not paid by the due date (excluding extensions).Ga. Comp. R. & Regs. R. 560-7-8-.10
O.C.G.A. Secs. 48-2-12, 48-7-57, 92-3005, 92-3006, 92-8405, 92-8406, 92-8409, 92-8427.
Original Rule entitled "Penalties; Late Filing of, and Failure to File Return; False or Fraudulent Return" adopted. F. and eff. June 30, 1965.Repealed: New Rule entitled "Penalties" adopted. F. Feb. 16, 1972; eff. Mar. 7, 1972.Repealed: New Rule entitled "Penalties for Late Filing" adopted. F. May 4, 1976; eff. May 24, 1976.Amended: F. Dec. 6, 2010; eff. Dec. 26, 2010.