Have a Tax Question? Ask a Tax Expert
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).
** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not financial or legal advice, and must not be used as such. For financial and legal advice, please contact a local professional.* You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.
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.