The IRS penalty for not filing 1099s on time is $100 per form, with a maximum penalty of $500,000 per year. The penalty is assessed per form, not per recipient, so even if you only have one form that's late, you'll still be assessed the $100 penalty.
If you file your 1099s late but still within the filing deadline, you'll be assessed a $50 per form penalty.
Not only are the penalties steep, but the requirements for who has to file have changed significantly. The IRS has made it law that anyone paying someone more than $600, regardless of how it was paid, must file a 1099. Americans will be required to go through their Venmo, Paypal and bank account transactions and submit 1099s.
We make it easy for you to file these with our FREE 1099 issuer.
コメント