The IRS imposes penalties for the failure of filing Form 2290 or paying taxes on or before the due date. The penalty for late filing or paying taxes late will not be imposed if there is any reasonable cause.
The penalties and interest involved in not filing Form 2290 or underpayment of taxes are as follows:
The IRS sends a letter stating the penalty amount and how to pay it if you file a return late. However, you can waive the penalties imposed if you can show a reasonable cause as to why you did not file the return or pay the taxes within the deadline.