What penalties are associated with late tax filings?

The Connecticut Department of Revenue Services imposes specific penalties and interest for late tax filings, which can vary depending on the type of tax and the duration of the delay. If an individual or business fails to file their tax return by the due date, a penalty of five percent of the unpaid tax is typically assessed for each month the return is late, up to a maximum of twenty-five percent. In addition to penalties, interest also accrues on any unpaid tax from the original due date until the tax is paid in full. The interest rate may be adjusted periodically, so it is advisable to check the most current information on the Connecticut DRS website. Furthermore, if a taxpayer does not file a return or pay the tax due, more serious enforcement actions may occur, including audits or collections. To avoid potential penalties and interest, it is important for taxpayers to file their returns on time and remit any tax owed. For up-to-date information regarding penalties, interest, and the various consequences of late filings, individuals may want to refer to the Connecticut Department of Revenue Services website, where specific details can be found.