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Form 1099-MISC Late
Filing Penalty
This article covers the following topics:
- Penalties for not filing Form 1099-MISC
- How to Avoid Penalties
- E-File Form Form 1099-MISC in less than
5 minutes
Penalties for failing to file Form 1099-MISC on time
Updated on November 06, 2023 - 1:30 AM by Admin, ExpressEfile
Form 1099-MISC has different deadlines for filing and sending recipient copies. So, payers are likely to miss filing or sending the copies on time. The IRS imposes penalties for both missing to file and furnishing recipient copies before the deadline.
Read on to learn about the penalty rates of Form 1099-MISC
and more.
1. Penalties for not filing Form 1099-MISC
If you miss the Form 1099-MISC deadline, your business could incur penalties, anywhere from $60 to $310 per form. How much your business owes the IRS depends on how late you file your return. The maximum amount small businesses can be penalized in a year is $1,261,000. If you miss the Form 1099-MISC deadline but still file your return correctly after the deadline, these are the IRS penalties you could be up against:
| If you file Form 1099-MISC after the deadline | Within 30 days | After 30 days but before August 1 | After August 1 |
|---|---|---|---|
Minimum penalty |
$60/return |
$120/return |
$310/return |
Maximum penalty |
$220,500 |
$630,500 |
$1,261,000 |
With ExpressEfile, you can easily E-File Form 1099-MISC for the lowest price ($0.80/form). Complete your return in minutes and get your filing status instantly.
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2. How to Avoid Penalties on Form 1099-MISC?
The best way to avoid penalties on Form 1099-MISC is to file 1099-MISC on time. Payers are also required to mail out recipients’ copies before the deadline.
E-filing 1099-MISC is the best option for meeting your deadline and avoiding missing and inaccurate information on Form 1099-MISC. ExpressEfile runs an internal audit, checking returns for mistakes, authenticating information, and finding discrepancies that could lead to IRS penalties. Payers can correct errors easily and transmit their returns directly to the IRS.
If your Form 1099-MISC is rejected for any reason, you will be notified instantly and be able to fix mistakes quickly and retransmit your return for free.
3. E-File Form 1099-MISC in less than 5 minutes
ExpressEfile makes filing Form 1099-MISC easy. You will get your filing status instantly as soon as the IRS processes your return and be able to mail recipient copies through ExpressEfile. Meet your Form 1099-MISC deadline in just a few steps:
- 1. Enter your Information Easily
- 2. Review Your Form
- 3. Transmit Form 1099-MISC to the IRS
Get the lowest price in the industry (just $1.49 per form) when you e-file Form 1099-MISC. Also, you can postal mail the recipient copies with the postal mailing option. e-file with the postal mailing option is available for $1,50/form.
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