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(1) The penalty for failure to file a return or pay the assessment due within the time prescribed by this chapter is the greater of $50, or 1% of the assessment due on the return.
(2) For failure to pay within 30 days of a notice of deficiency of assessment required to be paid, the penalty is the greater of $50 or 5% of the assessment due.
(3) The penalty for underpayment of the assessment is as follows:
(a) If any underpayment of assessment is due to negligence, the penalty is 25% of the underpayment.
(b) If the underpayment of the assessment is due to intentional disregard of law or rule, the penalty is 50% of the underpayment.
(4) For intent to evade the assessment, the penalty is 100% of the underpayment.
(5) The rate of interest applicable to an underpayment of an assessment under this chapter or an unpaid penalty under this chapter is 12% annually.
(6) The department may waive the imposition of a penalty for good cause.