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of <h1>Late or missing tax returns incur 1% per month simple interest; adjustments, refunds, and section 279 treated as regular</h1> Where a return is filed late or not filed, simple interest at 1% per month is payable calculated as I = 1% × A × T, where A and T are the tax amount and months specified for particular circumstances. The statute sets starting and ending dates and the tax base for late returns, non-filing, returns required by notice and reassessments or recomputations, distinguishing tax as determined on reassessment or regular assessment and reducing interest by tax already paid. Adjustments follow orders that change the tax base, excess interest is refundable, interest increased triggers a demand notice, certain additional tax is excluded, and first-time assessments under section 279 are treated as regular.
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