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Randall Terry
Randall Terry, Certified Public Accountant (CPA)
Category: Finance
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Experience:  CPA
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when does a 1099 have to be postmarked by and what are the ...

Customer Question

when does a 1099 have to be postmarked by and what are the late penalties for the employer?
Submitted: 8 years ago.
Category: Finance
Expert:  Randall Terry replied 8 years ago.
Form 1099s should be postmarked for January 31.

Here is a list of possible penalties to the payer:

$15 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum
penalty $75,000 per year ($25,000 for small businesses, defined below).

$30 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $150,000 per year ($50,000 for small businesses).

$50 per information return if you file after August 1 or you do not file required information returns; maximum penalty $250,000 per year ($100,000 for small businesses).


Randy

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