Why do you receive penalties?
1.5k views | Last modified 1/11/2022 1:19:11 AM EST | Added by TaxBandits Team

Applicable To
94X 1099 W-2 ACA W-4

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 to send the employee/recipient copies on time with 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.

 

 

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