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What happens if my Form 990 is filed late? 990series forms, requirements, and filing tips.All business entities except non-profit corporations must pay the late fee if the annual report is filed after May 1st. Missing an annual report deadline can impact financing. Policy Statement on Late Submission of Profit Corporation Annual Reports. An annual report is a filing that provides details of your company's business activities over the previous year. M.G.L.A. c156D § 9. ANNUAL REPORT FILING: An annual report is required to be filed every year in order to maintain a good standing status with this office. All penalties and interest incurred as of the current date must therefore be paid along with the filing fee and franchise tax at the time of filing. Your state could impose a late penalty fine and your business could lose its "good standing.