The penalty for the late filing of IRS Form 8283 depends on various factors. If the taxpayer can show reasonable cause for the delay in filing, no penalty may be assessed. However, if there is no reasonable cause, the penalty is generally equal to 10% of the underpayment of tax resulting from the failure to file Form 8283 on time. The penalty can potentially increase to 25% if the IRS determines that the taxpayer intentionally disregarded the filing requirements. It's important to consult with a tax professional or refer to the IRS guidelines for specific and up-to-date information on penalties.