TaxBandits Knowledge Base

Why do you receive penalties?

The IRS has established rules for tax filing, as well as the penalties that you will be liable for if you do not adhere. Employers/payers are responsible for filing W2/1099 to the SSA/IRS on time and with accurate information.

They are also responsible for sending the employee/recipient copies on time with the correct information. The IRS imposes penalties for missing out on major information.

The IRS charges penalties for:

• Failing to pay your tax on time.
• Failing to file W2/1099 with correct information on time.

For a list of reasons you may receive penalties, click here.