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Line 16 Penalties and interest. For tax periods beginning after December 31 2006 the late payment penalty accrues at 1. 2 a month not to exceed 12 of the tax due. In addition a late filing penalty of 50 or the amount of the tax due whichever is less also applies if the return is filed late. 2 a month not to exceed 12 of the tax due. In addition a late filing penalty of 50 or the amount of the tax due whichever is less also applies if the return is filed late. For tax periods beginning after...
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