Penalties for Missing a Required Form

Missing a required form triggers penalties that vary by form type.

Individual/Corporate Returns:

The failure-to-file penalty is 5% of unpaid tax per month, up to 25%. Returns more than 60 days late face a minimum penalty of the lesser of $525 or 100% of tax due. A separate failure-to-pay penalty of 0.5% per month (max 25%) also applies, but the two penalties are coordinated so they don't fully stack [1].

Partnership Returns:

The penalty is $255 per partner per month the failure continues, up to 12 months [2].

International Information Forms (e.g., Forms 5471, 8858, 8865):

A $10,000 penalty applies per form per year, with an additional $10,000 per 30-day period after 90 days of IRS notice, up to $50,000 per failure. A 10% reduction in foreign tax credits may also apply [3].

Reasonable cause can waive penalties in most cases. Let me know which specific form you're concerned about and I can give more targeted guidance.