What is the penalty for failure to file Form 1099-NEC?

Last modified 3/28/2023 7:10:33 AM EST

If you do not file your Form 1099-NEC on time, the IRS may impose penalties that range from $60/form to $660/form. 

In addition, there are two other penalties imposed by the IRS if you fail to file the correct Form 1099 with the IRS and fail to provide the payee with the correct Form 1099 statement.

For more information on Form 1099 Penalty rates, click here.