Your company may be subject to late payment interest and other civil penalties.

Interest for late filing is charged from the date the property was due until paid. Generally, if you find and correct a missed reporting on your own, we will not assess penalties and interest.

Civil penalties for intentionally failing to report include: 100% penalty for the value of the property not reported $100 per day for each day the report is withheld up to $5,000

Employees responsible for filing reports who knowingly withhold reports may be prosecuted and subject to a fine of $1000 plus one year in jail.

A reminder notice is sent out to accounts that appear to be delinquent for the previous year's report.