What is the penalty for filing Form 1120-POL late?
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For Late Filing

If you fail to file Form 1120-POL on time, the IRS charges an additional fine equal to 5% of the tax due for each month the return is late. This amount cannot exceed 25% of the total amount of tax due. If your Form 1120-POL is filed more than 60 days late, you're required to pay $485 or the remaining tax due, whichever is smaller.
 
If you receive a notice for a penalty after you make a filing late, reply to the notice with an explanation and the IRS might determine whether you meet the reasonable cause criteria or not. An explanation must not be attached to the return.

To extend your deadline to file Form 1120-POL, you can E-File Form 7004 and get an automatic extension of up to 6 months to file your Form 1120-POL upon approval of Form 7004 approval.

For Late Payment of Taxes

If you fail to make any tax payments related to 990-T on time, a penalty of 0.5% of unpaid taxes for each month / part of the month will be imposed. The maximum penalty will be 25% of the unpaid taxes.