What is the penalty for not filing a trust return?
What is the penalty for not filing a trust return? A penalty of 5% of the tax due may be charged each month during which a return is not filed. This will continue to accrue up until a maximum of 25% of the tax due. Paying income tax late. What is the penalty for not filing a 1041 on time? Form 1041 – April 15 due date, with an extension available until September 30 by filing IRS Form 7004. The late filing penalty is 5% of the tax due for each month or part of a month that a tax...