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An information return penalty may apply if you dont file information returns or provide payee statements on time. We mail you Notice 972CG if you owe a penalty and charge monthly interest until you pay the amount in full.
Failure to File Correct Information Return $50 for failure to file correct information returns, with respect to which such a failure occurs. Shall not exceed $250,000 during any calendar year; $100,000 for persons with gross receipts of not more than $5 million.
COVID Penalty Relief You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is not correct, follow the instructions in your notice or letter.
Penalty Rate and Information Failure to File IRC 6651(a)(1) The penalty is 5% of the tax unpaid on the return due date (without regard to extensions) for each month or part of a month that the return is late, not to exceed 25%.
Notice CP215 (Civil Penalty Assessment) is a notice the IRS sends to businesses being assessed a penalty due to not filing an information return. If you receive Notice CP215 after Letter 5699, your civil penalties are due to not filing Forms 1094/1095-C.

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We calculate the Failure to File Penalty in this way: The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty wont exceed 25% of your unpaid taxes.
The maximum total penalty for failure to file and pay is 47.5% (22.5% late filing and 25% late payment) of the tax. If your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $450 (for tax returns required to be filed in 2023) or 100% of the tax required to be shown on the return.
An information return is a tax return that contains information about the taxpayer, but which does not state a tax liability. This return is not accompanied by a tax payment.

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