The penalty for late filing of Form 1125-A depends on the size of the corporation. For small corporations, the penalty is $205 for each month (or part of a month) the return is late, up to a maximum penalty of $2,055 or 75% of the corporation's total tax liability for the year, whichever is smaller. For large corporations, the penalty is $410 for each month (or part of a month) the return is late, up to a maximum penalty of $6,165 or 75% of the corporation's total tax liability for the year, whichever is smaller. It is important to note that these penalty amounts are for the tax year 2021 and may be subject to change.