Why do you receive penalties?
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Last modified 10/31/2023 8:36:02 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 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.