Retirement Plan late payment penalty tax deductible or not

Forum|Forum|5 years ago
November 2, 2020
2 replies
15 views

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!

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

Paid to US Treasury = penalty, nondeductible.

sjrcpa

Level 15

Is this penalty really earnings on the amount that should have been timely contributed?

The more I know the more I don’t know.

M

misskeikoAuthor

Level 4

i think it is the penalty on the late retirement plan payment that should have been timely contributed

qbteachmt

Level 15

Who assessed the penalty: Plan sponsor, DOL, IRS?

Was this a late deposit of Employees' contributions?

Was it late along with the form filing?

Don't yell at us; we're volunteers

M

misskeikoAuthor

Level 4

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.

sjrcpaAnswer

Level 15

Paid to US Treasury = penalty, nondeductible.

The more I know the more I don’t know.

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