Corporations that are in the process of dissolving are supposed to file Form 966 with the Internal Revenue Service within 30 days of the decision to liquidate. This filing requirement is part of the federal tax code -- but interestingly, the code does not mandate any penalty for failure to file the form.
Section 6043(a) of the Internal Revenue Code says that corporations planning to dissolve must file a return providing details about the corporation and its dissolution plan. These details are fleshed out in the Code of Federal Regulations, section 1.6043-1, which identifies Form 966 as the proper form.
Penalties for failing to file documents required by Section 6043 of the tax code are spelled out in Section 6652. That section, however, has no provision for penalties for violations of 6043(a). Absent a penalty authorized in the law, there is literally no penalty for failing to file Form 966.