IRS Penalties for Late Filing

If you have not yet filed your required information returns and you have not applied for and received an approved extension of time to file, you may be subject to a late filing penalty. The amount of the penalty is based on when you file the correct information return. The penalty is:

• $30 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum penalty $250,000 per year ($75,000 for small businesses)
• $60 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $500,00 per year ($200,000 for small businesses)
• $100 per information return if you file after August 1 or you do not file required information returns; maximum penalty $1,500,000 per year ($500,000 for small businesses)

To avoid further penalties by E-Filing your 1099 & W-2 using ExpressTaxFilings as soon as possible.  For any questions about filing Form 1099 or W-2 contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressTaxFilings.com.