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Hello,
Is Retirement Plan late payment penalty for corporation tax deductible? I did some research and found that tax penalties are not tax deductible. But what about retirement late payment penalty?
Thank you!
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Is this penalty really earnings on the amount that should have been timely contributed?
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Who assessed the penalty: Plan sponsor, DOL, IRS?
Was this a late deposit of Employees' contributions?
Was it late along with the form filing?
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it is paid to united state treasury. i am looking at their bookkeeping, so not sure if it was late along with the form filing.
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i think it is the penalty on the late retirement plan payment that should have been timely contributed
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Paid to US Treasury = penalty, nondeductible.
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Likely excise tax:
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Okay! Thank you.