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- 24 - .56 Failure to File S Corporation Return. In the case of any return required to be filed in 2024, the dollar amount used to determine the amount of the penalty under § 6699(b)(1) is $235. .57 Failure to File Correct Information Returns. In the case of any failure relating to a return required to be filed in 2024, the penalty amounts under § 6721 are: (1) for persons with average annual gross receipts for the most recent three taxable years of more than $5,000,000, for failure to file correct information returns: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6721(a)(1)) $310 $3,783,000 Corrected on or before 30 days after required filing date (§ 6721(b)(1)) $60 $630,500 Corrected after 30th day but on or before August 1, 2024 (§ 6721(b)(2)) $120 $1,891,500 (2) for persons with average annual gross receipts for the most recent three taxable years of $5,000,000 or less, for failure to file correct information returns: Scenario Penalty Per Return Calendar Year Maximum General Rule (§ 6721(d)(1)(A)) $310 $1,261,000 Corrected on or before 30 days after required filing date (§ 6721(d)(1)(B)) $60 $220,500 Corrected after 30th day but on or before August 1, 2024 (§ 6721(d)(1)(C)) $120 $630,500 (3) for failure to file correct information returns due to intentional disregard of the filing requirement (or the correct information reporting requirement): Scenario Penalty Per Return Calendar Year Maximum Return other than a return required to be filed under §§ 6045(a), 6041A(b), 6050H, 6050I, 6050J, 6050K, or 6050L (§ 6721(e)(2)(A)) Greater of (i) $630, or (ii) 10% of aggregate amount of items required to be reported correctly No limit Return required to be filed under §§ 6045(a), 6050K, or 6050L (§ 6721(e)(2)(B)) Greater of (i) $630, or (ii) 5% of aggregate amount of items required to be reported correctly No limit