Is this new? and assuming it is why is there not an Intuit alert about it? I'm kind of shocked I didn't hear about this in any seminars either.

The only reason I found out is I used the interest and penalty worksheet in the 2020 program and saw that figure. I then confirmed here: https://www.irs.gov/newsroom/irs-highlights-higher-penalties-for-some-tax-returns-filed-after-sept-1...

So if I understand correctly, if a return is filed more than 60 days late (accounting for extension), the lesser of $435 or 100% of the underlying tax will be charged as the late filing penalty - even if that exceeds 25%?