Here’s a news release from the Washington State Department of Revenue about an increase in fees for late payments:
Businesses with outstanding taxes will face heftier penalties as a result of recently approved legislation (Senate Bill 6183). The new law directs the Washington State Department of Revenue to increase the delinquent penalties taxpayers face when they miss their tax return due date effective Saturday, Aug. 1.
Late tax payments made before Aug.1 are being assessed at the former penalty rate. Here are the new rates:
▪ One day after the due date to the last day of the month following the due date 9 percent (up from 5 percent)
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.
▪ First day of the second month following the due date to the last day of the second month 19 percent (up from 15 percent)
▪ First day of the third month and beyond 29 percent (up from 25 percent)
Businesses are assigned to report monthly, quarterly or annually based on their yearly business income. Each filing frequency has a specific due date to file and pay their taxes. For instance, a monthly filer must file its June return and pay the taxes by July 25 to avoid a late payment penalty.
Revenue has more information on the changes posted in a Special Notice on its website.