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of <h1>Monthly 1% Simple Interest on Late or Missing Returns: Calculation, Triggers, Adjustments, and Section 279 Treatment</h1> Where a return is filed late or not at all, simple interest accrues monthly at 1% × A × T, where A is the specified tax amount and T the months between prescribed start and end dates. The statute sets differing start/end triggers and A depending on circumstances (late filing after a notice or due date; no return; late or missing return after a 280 notice leading to reassessment or recomputation). Adjustments to interest follow subsequent orders increasing or reducing tax, with demand or refund procedures. Interest excludes certain additional tax; it is reduced by interest already paid and recognizes specified categories of 'tax paid.' A first assessment under section 279 is treated as a regular assessment.
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