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If you fail to file a correct information return by the due date and you cannot show reasonable cause, you may be subject to a penalty. The penalty applies if you fail to file timely, you fail to include all information required to be shown on a return, or you include incorrect information on a return. The penalty also applies if you file on paper when you were required to file electronically, you report an incorrect TIN or fail to report a TIN, or you fail to file paper forms that are machine readable.
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, defined below).
$60 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $500,000 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).
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too technical. I own a Florida LLC. I had one contractor resident of California. we performed work in NJ. I am considering using TurboTax. what might you suggest about the next things i need to do.
disregard the software .... provide an answer?
File Copy A of this form with the IRS by February 28, 2013. If you file electronically, the due date is April 1, 2013.
So - for filing by mail - the due date is today.For e- filing - we have one more month.
Form 1099MISC is required if you paid $600 or more.
The due date to provide the form 1099MISC to a payee is January 31.
Let me know if you need any help.
paid california contractor for work done in NJ, $8600. what specific forms only?
no business presence in CA. for my FL LLC, I filed for a NJ business registration certificate, that was issued 4/17/12. but i did not register for tax or employer purposes. o boy.
can you clarify? My FL LLC had no employees in FL or NJ. I only had 1 contractor who came to NJ for CA to do some work and paid him 8600 out of total 12,000.