File as soon as you can- @Arikara7009
The amount of the penalty is based on when you file the correct information return. The penalty is as follows.
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$50 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum penalty $556,500 per year ($194,500 for small businesses, defined below).
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$110 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $1,669,500 per year ($556,500 for small businesses).
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$270 per information return if you file after August 1 or you do not file required information returns; maximum penalty $3,339,000 per year ($1,113,000 for small businesses).
See Failure To File Correct Information Returns by the Due Date (Section 6721)
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