1. LawStack
  2. Title 41 - Public Contracts and Property Management
  3. Subtitle F - FEDERAL TRAVEL REGULATION SYSTEM
  4. Chapter 301 - TEMPORARY DUTY (TDY) TRAVEL ALLOWANCES
  5. Subchapter D - AGENCY RESPONSIBILITIES
  6. Part 301-71 - AGENCY TRAVEL ACCOUNTABILITY REQUIREMENTS
  7. Subpart C - Travel Claims for Reimbursement
  8. 41 CFR § 301-71.212
41 CFR § 301-71.212
Should we report late payment fees as wages on a Form W-2?
June 9, 2020
CFR

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).

[FTR Amdt. 90, 65 FR 3058, Jan. 19, 2000]

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§ 301-71.211 Is there a minimum amount the late payment fee must exceed before we will pay it?
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§ 301-71.213 Is the additional fee, which is the equivalent to any late payment charge that the card contractor would have been able to charge had the employee not paid the bill, considered income?

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