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Louisiana Interest and Penalties

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Louisiana Interest and Penalties


In general, you will be charged interest and penalties if you do not pay all amounts due on or before the due date.

  1. A 2014 calendar year return is due on or before May 15, 2015.
  2. Returns for fiscal years are due on or before the 15th day of the fifth month after the close of the taxable year.
  3. If the due date falls on a weekend or legal holiday, the return is due the next business day.

Important: An extension does not relieve you of your obligation to pay all tax amounts due by the original due date.

Interest – If your income tax is not paid by the due date, you will be charged interest on the unpaid tax until the balance is paid in full. The interest rate is variable and the 2015 interest rate is posted on LDR’s website on Form R-1111, Interest Rate Schedule Collected on Unpaid Taxes. To compute the DAILY INTEREST RATE, multiply the 2015 monthly interest rate by 12 then divide the result by 365 and carry out to seven places to the right of the decimal. Example: Assume the 2015 monthly interest rate is 0.5833 percent, multiply 0.00583 by 12 then divide the result by 365 to get the daily interest rate of 0.0001917.  

Delinquent Filing Penalty – A delinquent filing penalty will be charged for failure to file a return on or before your due date, or your approved extension date. The penalty is five percent of the tax for each 30 days or fraction thereof during which the failure to file continues. By law, the maximum delinquent filing penalty that can be imposed is 25 percent of the tax due.

LA Interest and Penalties

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Article Details
Views: 1130 Created on: Jun 15, 2013
Date updated: Sep 01, 2015
Posted in: STATES, Louisiana

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