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In a nutshell, don’t ignore this legal requirement!! The old adage, “If I ignore it long enough, it will go away” will never apply. You’ll also have a very difficult time explaining or justifying your decision when there are several viable options that are available to you. I always use the IRS website for information, as that is the “gospel”! This IRS quotation is for tax year 2019:
“The penalty for not filing a Federal tax return by the due date, or extended due date, is generally 5% of the unpaid tax for each month or part of a month that a tax return is late, up to 25% of the unpaid tax. However, if the return is more than 60 days late, a minimum penalty applies. If no return has been filed after 60 days, the minimum penalty that can be charged is $435 or 100% of the unpaid tax, whichever is less.”