Businesses with outstanding taxes will face more severe penalties as a result of a new state law that directs the Washington State Department of Revenue to increase the penalties for taxpayers who miss tax return due dates.
Senate Bill 6183, which took effect Aug. 1, increases the penalty from 5 percent to 9 percent for business taxpayers who file up to one month late. The penalty for up to two months increases from 15 percent to 19 percent, and a delay of three months or more leads to a penalty of 29 percent, up from 25 percent.
Washington 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. More information is available on the Department of Revenue website.
