The National Weight Control Registry: Is it Usefu inl Helping Deal with Our Obesity Epidemic? james o. hill phd', holl; wyatty md', suzann; phelane phd^, ren; a wing,
Failure-to-File Penalty. Also known as the âlate filing penalty,â this fee may be assessed if you do not file your tax return (or tax extension application) by the proper due date. This deadline is April 15 for most individual taxpayers, and March 15 for most businesses.lso known as the âlate payment penalty,â this fee may be assessed if you do not pay your income tax liability by the proper due date. This deadline is April 15 for most individual taxpayers, and March 15 for most businesses.
As drafted, the failure-to-file penalty for gift tax return submisÂ­sions is underinclusive and has proven ineffectual. Yet broadening the application of the penalty to apply in every instance when a taxpayer fails to file a gift tax return raises important political concerns. Consider that the code contalns several penalties for failure to file tax returns even when no tax is owed. For example, if a U.S. shareholder owns an interest in a controlled foreign company and fails to file Form 5471, a $10,000 annual penalty applies.