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Code of Federal Regulations Title 41. Public Contracts and Property Management § 41.301–71.212 Should we report late payment fees as wages on a Form W–2?

Current as of January 02, 2025 | Updated by Findlaw Staff

No, the Internal Revenue Service (IRS) has determined that the late payment fee is in the nature of interest (compensation for the use of money).

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Cite this article: FindLaw.com - Code of Federal Regulations Title 41. Public Contracts and Property Management § 41.301–71.212 Should we report late payment fees as wages on a Form W–2? - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-41-public-contracts-and-property-management/cfr-sect-41-301-71-212/

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