If you miss the deadline, you will incur a penalty equal to 4.5% of the total tax amount you would have owed. Plus, for each additional month, you are late, you will incur another .5% in interest.
That might not sound like much, but don’t forget, failing to have a current stamped Schedule 1 will impact your other licenses. You need a current stamped Schedule 1 to stay up-to-date on most licenses. If you don’t file Form 2290, you could end up being grounded. And if you can’t drive, you can’t make money.