Are there any penalties associated with Form 1099-LTC?
160 views | Last modified 12/1/2023 3:58:51 AM EST | Added by TaxBandits Team

The IRS may impose penalties on Form 1099-LTC for the following reasons:

  • Failing to file before the deadline
  •  Intentionally disregard the requirement to file Form 1099-LTC
  • Not using the correct copy of the Form 1099-LTC
  • Not providing correct information
  • Using the wrong tax year
  • Filing incorrect or missing TIN 

Therefore, it is important to submit your 1099-LTC tax form before the deadline to avoid IRS penalties that can range from $60 to $630 per form. Check relevant resources for details on associated penalties.
 

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