The penalty for late filing of a SEP IRA (Simplified Employee Pension Individual Retirement Account) may vary depending on the specific circumstances and time period of the delay. However, generally, the Internal Revenue Service (IRS) imposes the following penalties: 1. Failure to file penalty: If the SEP IRA plan sponsor fails to file Form 5500 on time (due by the last day of the 7th month following the plan year-end), the IRS may impose a penalty of $250 per day, up to a maximum of $150,000. 2. Late contribution penalty: If contributions to the SEP IRA are made after the due date (including extensions) of the employer's income tax return (typically April 15), an excise tax of 10% may apply to the excess contribution. It is important to note that penalties and fees may vary based on the specific circumstances and requirements outlined by the IRS. To ensure accurate information and advice, it is recommended to consult with a qualified tax professional or directly with the IRS.