Are there any penalties associated with Form 1099-PATR?
184 views | Last modified 12/1/2023 4:12:43 AM EST | Added by TaxBandits Team

Yes, there can be penalties associated with Form 1099-PATR if the form is not filed accurately or on time. The penalties for failure to file or furnish a correct and timely Form 1099-PATR can range from $60 to $630 per form, with a maximum penalty of $1,261,000 per year for large businesses.

It's important to note that these penalties can add up quickly, so it's important to make sure that you file Form 1099-PATR accurately and on time. If you have any questions or concerns about filing Form 1099-PATR, get in touch with TaxBandits. We help you e-file your forms accurately with the Federal and distribute copies to your recipients on time.