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Lev
Lev, Tax Advisor
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I just e-filed 7 1099 misc. Is there any way to mail to ...

Resolved Question:

I just e-filed 7 1099 misc. Is there any way to mail to contractors with todays'' postmark?
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

Unfortunately - it is too late postmark would be at least Feb 1, 2008. I would suggest - just mail them any way.

File Copy A of this form with the IRS by March 2, 2009. If you file electronically, the due date is March 31, 2009.

Customer: replied 9 years ago.
Hi,

My concern/question is what to do about missing the January 31st deadline on mailing to recipients?
Expert:  Lev replied 9 years ago.

There is nothing you may do at this moment. I suggest - just send these forms ASAP. Not only you - lots of businesses and individuals are missing deadline.

Most likely nobody would complain if you are late one-two days.

Generally, you have to issue the 1099-misc if you paid mor e than $600 to any individual. If any of recipients would complain to the IRS you may pay a penalty - see page 12 - http://www.irs.gov/pub/irs-pdf/i1099gi.pdf

The amount of the penalty is based on when you file the correct information return. The penalty is:

  • $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).
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