What is a 1099 Tax Form and What if I Forgot To File It?
Form 1099 is used to report various types of income other than wages, salaries and tips. The type of income determines which Form 1099 is required. See the chart found in the 2013 General Instructions for Certain Information Returns.
If you file required information returns late 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)
You can avoid these penalties by E-Filing your 1099 using ExpressTaxFilings by the March 31, 2014 deadline. For any questions about filing Form 1099, W-2 or 8809 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.
