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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
If you file copies of 1099s late with the IRS, but within 30 days of the due date, then the IRS assesses a penalty of $30 per late 1099. The penalty is capped at $75,000 for small businesses, and at $250,000 per year for larger businesses.