Missing a tax deadline is never fun. While your initial reaction may be an “O.M.G. Moment,” there is life after missing a tax deadline.
No, the IRS won’t be knocking on your door within the next few hours or calling you from an unknown number, but it is important that you take action immediately to avoid expensive penalties for late filing IRS forms.
If you missed the April 2nd tax filing deadline, let TaxBandits help you and your business move forward.
Missing The April 2nd Deadline
Three IRS forms were due by April 2nd – 1099 Forms (Other than NEC), Form 1095-B and Form 1095-C. Each of these forms can still be filed with TaxBandits, but you better jump on it fast because the longer you wait, the more penalties you will accrue.
Information required to e-file Form 1095-B and 1095-C:
- Employer Details
- Employee Details
- Employee Offer/Coverage Data and Codes
- Covered Individual Details
Information required to e-file Form Form 1099-MISC:
- Payer Details: Name, EIN, and Address
- Recipient Details: Name, EIN/Social Security, and Address
- Federal Details: Miscellaneous Incomes and Federal Tax Withheld
- State Filing Details: State Income, Payer State Number, and State Tax Withheld
Once you’ve gathered and organized the required information filing your form will be a piece of cake.
Late Filing Penalties
Any time you fail to file required IRS forms for your business you risk accumulating late filing penalties. These penalties vary and are based on your required form and the size of your business:
Form 1095-B and 1095-C
Employers face a penalty of up to $260 per 1095-B Form the employer fails to file. However, the total penalty will not exceed $3,193,000 for the tax year. IRS waivers are available when failure to report is due to a reasonable cause.
Penalties are applied for a 1099 Form if it is not filed by the deadline, fails to include all required information, contains incorrect information, or if the 1099 Form is filed on paper when required to be filed electronically. Penalty amounts are based on the size of the organization and the date which the 1099 Form is actually filed. These amounts range from $30 to $1,500,000.
File Now To Avoid IRS Penalties
The longer you wait to file any of these tax IRS forms the more penalties you will receive. Head on over to TaxBandits and start filing so “Uncle Sam” can get off your back.
As you navigate through this tax season, let TaxBandits assist you with your tax filing needs. Whether it’s 1099 Forms or ACA Forms that were due on April 2nd, we supply you with everything you need, right at your fingertips.
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