Hi @redvelvet ,
- "C corporation" that file Form 1120 are subject to a penalty of five percent of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25 percent of the unpaid tax. In addition, the corporation might be charged interest in any tax due from the due date of the payment until payment is made.
- "S corporation" that file Form 1120s the penalty is $220 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders in the corporation during any part of the corporation's tax year for which the return is due.
- Partnerships that file Form 1065 the penalty is $220 for each person who was a partner at any time during the tax year, for each month or part of a month, for up to 12 months.
- For personal tax return that file Form 1040 Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes. Please also keep in mind the interest is accrued from due date.
The links below have more information regarding penalties :
Failure to File Penalty - Personal Return Form 1040
Late Filing of Return - Form 1120s
Late Filing of Return - Form 1120
You can also as for a waiver or abatement of late filing penalties. For more information, go to Penalty Relief due to First Time Abate or Other Administrative Waiver
Thank you and good luck!
