What is the difference between a late payment penalty and a late return penalty?
A late payment penalty is a penalty imposed by the state of California for failing to pay the tax owed on time. This penalty is calculated based on the amount of the unpaid tax. A late return penalty, on the other hand, is a penalty imposed by the state of California for failing to file the tax return on time. This penalty is calculated based on the amount of the tax owed and the length of time the return is late.