What are the penalties for not filing Form 720

[bubub1234]

I have a foreign life insurance policy. I filed a Form 8621 for reporting a PFIC but I did not file form 720 for the tax year 2019.  I pay an annual premium of $1300. When I filed form 8621 last year for PFIC, it went fine and smoothly without any issues. My CPA also paid all the necessary taxes associated with the premiums, which is 1% of the premiums

However I am now concerned what will be the penalties for not filing form 720? Can there be criminal penalties? Will I go to jail for this? Has there been situations where IRS has caught this and contacted tax filers?

Also, should I file it for the Year 2020? Won't IRS then catch my previous mistake? I was very confused about Form 720 since it requires you to file for an EIN? I am not a business owner. I am only a simple salaried professional who doesn't even earn 6 figures. 

Can someone please advise on what should I do?

[Mike9241]

You must file Form 720 if:
• You were liable for, or responsible for collecting, any of the
federal excise taxes listed on Form 720, Parts I and II, for a
prior quarter and you haven’t filed a final return; or
• You are liable for, or responsible for collecting, any of the
federal excise taxes listed on Form 720, Parts I and II, for the
current quarter.

nothing you stated would indicate you are responsible for Collecting excise taxes.  any excise taxes on your policy would be paid by the insurance company if they have liability under US tax laws.

[Carl]

@Mike92461 I myself know nothing about the 720. However, take a look at it at https://www.irs.gov/pub/irs-pdf/f720.pdf on page 2, IRS No. 30. "Foreign Insurance Taxes - Policies Issued by Foreign Insurers". They "may" be required to submit this form. But again, I know nothing about it that would enable me to provide a useful response.