Tax payments must be remitted by an electronic funds transfer through the Kentucky Department of Revenue’s website: https://epayment.ky.gov/EPAY.
The report and payment must be filed no later than the twentieth (20th) day of the next succeeding calendar month.
Credit – If adjusted gross revenue for a month is a negative number, the amount may carry over to the return filed for the subsequent month where the adjusted gross revenue is not negative. However, no amount shall be carried over in any period more than twelve (12) months after the month in which the amount carried over was originally due.
Interest—The “tax interest rate,” provided by KRS 131.183, will be assessed from the original due date of the return until the date of payment.
Late Payment Penalty—If the amount of tax due as shown on line 9 is not paid by the original due date of the return, a penalty of 2 percent of the tax computed due may be assessed for each 30 days or fraction thereof that the tax is past due, not to exceed 20 percent. The minimum penalty is $10.
Late Filing Penalty—If a return is not filed by the due date or the extended due date, a penalty of 2 percent of the total tax due for each 30 days or fraction thereof that a return is not filed may be assessed, not to exceed 20 percent. The minimum penalty is $10.
Additional penalties for negligence, failure to file the report or return, fraud, etc., may be assessed in accordance with KRS 131.180 (Uniform Civil Penalty Act).
Penalties but not interest may be reduced or waived if reasonable cause for reduction or waiver can be shown.