What are the penalty rates for W2/1099?
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Last modified 5/27/2020 11:03:50 AM EST |
Added by TaxBandits Team
Penalties can apply if you fail to file with correct information on time and you cannot show any reasonable cause for failure to file. You can also incur a separate penalty if you fail to provide the copies of the form to payees on time. The amount is based on when you furnish the correct statement.
Below are the penalty rates for W2/1099: