| Days Late | Penalty Per Form | Maximum Penalty (Small Business*) |
|---|---|---|
| 1–30 days | $60 | $220,500 per year |
| 31 days–Aug 1 | $120 | $630,500 per year |
| After Aug 1 or not filed | $310 | $1,261,000 per year |
| Intentional disregard | $630+ | No cap |
[*] A “small business” is defined by the IRS as one with gross receipts of $5 million or less for the past three years.