Are there any penalties associated with Form 1099-A?
526 views |Last modified 12/1/2023 3:59:55 AM EST | Added by TaxBandits Team
Yes, there are penalties associated with failure to file or late filing of Form 1099-A with the IRS.
The penalty for failure to file a correct Form 1099-A with the IRS by the due date can range from $60 to $310 per form, depending on how late the form is filed.
If the failure to file is due to intentional disregard, the penalty can be much higher, up to $630 per form or statement, with no maximum limit.
It is important to note that the penalties can accumulate quickly, especially if a large number of forms are involved. Therefore, it is recommended that filers file Form 1099-A correctly and on time to avoid these penalties.
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