What if a tax payment is late?

If installments are not paid by the 10th business day following the last date of the respective installment period or periods as they occur, then the whole tax or remaining unpaid balance of the tax as the case may be, shall immediately become due and payable and shall carry until collected a penalty at the rate of 12% per annum from August 1st. Upon payment of any and all delinquent quarterly installments together with interest accrued on the full unpaid balance of the tax, the right to pay the remaining taxes on the installment basis will be reinstated.