Final answer:
If an employer fails to file the form on time or is late in tax payments, there can be penalties, loss of benefits, and potential audits.
Step-by-step explanation:
If an employer fails to file the form on time or is late in tax payments, there can be several consequences. First, the employer may be subject to penalties by the taxing authorities. These penalties can include fines or additional interest on the unpaid taxes. Second, the employer may lose certain benefits or credits they would have otherwise been eligible for. For example, if they are late in filing a payroll tax form, they may not be able to claim a tax credit or deduction related to payroll taxes.
Third, if the employer is consistently late in tax payments or fails to file tax forms, they may face an audit by the taxing authorities. Audits can be time-consuming and costly, and may result in additional penalties or fees if the employer is found to have underpaid their taxes. It is important for employers to stay in compliance with tax laws and meet all filing and payment deadlines to avoid these consequences.