26B-3-404. Penalties and interest.
| (1) |
The penalty for failure to file a return or pay the assessment due within the time prescribed by this part is the greater of $50, or 1% of the assessment due on the return. |
| (2) |
For failure to pay within 30 days of a notice of deficiency of assessment required to be paid, the penalty is the greater of $50 or 5% of the assessment due. |
| (3) |
The penalty for underpayment of the assessment is as follows:
| (a) |
If any underpayment of assessment is due to negligence, the penalty is 25% of the underpayment. |
| (b) |
If the underpayment of the assessment is due to intentional disregard of law or rule, the penalty is 50% of the underpayment. |
|
| (4) |
For intent to evade the assessment, the penalty is 100% of the underpayment. |
| (5) |
The rate of interest applicable to an underpayment of an assessment under this part or an unpaid penalty under this part is 12% annually. |
| (6) |
The department may waive the imposition of a penalty for good cause. |
Renumbered and Amended by Chapter 306, 2023 General Session
