What is the penalty for filing Form 990 late?

The amount of the penalty for filing Form 990 late depends on the organization’s size.

• For smaller organizations (Gross receipts < $1,208,500), the penalty amount is $20 for each day. The maximum penalty for each return won't exceed the smaller of $12,000 or 5% of the gross receipts of the organization for the year.
• For larger organizations (Gross receipts > $1,208,500), the penalty amount is $120 for each day. The maximum penalty for each return won't exceed $60,000.

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