What are the 1099-MISC filing penalties?
240 views |
Last modified 12/1/2023 4:33:35 AM EST |
Added by TaxBandits Team
Applicable To
94X
1099
W-2
ACA
W-4
The IRS will issue penalties under section 6721 for filing 1099-MISC Forms for the following reasons:
- Not filing by the due date
- Not filing a proper 1099 paper form that's machine-readable
- Using the form for the wrong year
- Not using the right copy of Form 1099-MISC
- Filing with Incorrect or missing TIN
- Filing with incorrect information
The current penalties for filing a late or incorrect 1099-MISC form are as follows:
- $60 per form if you file within 30 days of the due date, with a maximum penalty of $220,50 per year.
- $120 per form if you file more than 30 days after the due date but before August 1, with a maximum penalty of $630,500 per year
- $310 per form if you file on or after August 1 or do not file at all, with a maximum penalty of $1,261,000 per year
In addition to these penalties, there may be penalties for intentionally disregarding the requirement to file Form 1099-MISC, which would be $630 per form.
So, it is important that you e-file the 1099-MISC form on time and that the information is accurate and complete using an IRS-authorized e-file provider like TaxBandits. We handle filing your forms with the Federal and State and distribute form copies to your recipients on time.