IRS announces late filing penalties for tax returns You already know the importance of filing key tax returns on time with the IRS. But, there’s another factor to keep in mind: Late filing penalties can get costly. In Revenue Procedure 2019-44, the IRS lists the new timely filing penalties for returns such as Forms W-2, W-3, 1099 and 1095-C for tax year 2020 (which should be filed and furnished to employees in 2021). What’s at stake? In general, the penalty for failing to file a correct return by the due date will be capped at $280 a return for tax year 2020. For the 2019 returns you’ll be fling at the beginning of 2020, the penalty is $270 per return. For tax years 2019 and 2020, the penalties remain the same if tax returns are submitted within 30 days of the original due date: $50 per return. If a return isn’t submitted by Aug. 1 of the year in which the required filing date falls, penalties rise to $10 per return for tax years 2019 and 2020. While these penalties all have annual caps, the penalties for intentionally disregarding deadlines don’t. More info: irs.gov/pub/irs-drop/rp-19-44.pdf