Are there penalties for late tax filing in Kentucky?

Yes, there are penalties for late tax filing in Kentucky. The Kentucky Department of Revenue imposes penalties based on the number of days a tax return is late. Generally, if a taxpayer fails to file their return by the due date, they may be subject to a penalty of five percent of the tax owed for each month that the return is late, with a maximum penalty of twenty-five percent. Additionally, if the taxpayer does not file their return within sixty days of the due date, a minimum penalty of fifty dollars may apply. It is also important to note that late payment of taxes may incur further interest and penalties. To stay informed about these penalties and any changes to tax regulations, individuals may consider visiting the Kentucky Department of Revenue's official website, which provides detailed information and resources.