How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask jgordosea Your Own Question
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience:  I've prepared all types of taxes since 1987.
Type Your Tax Question Here...
jgordosea is online now
A new question is answered every 9 seconds

what happens if I cant send out my 1099s to ...

Resolved Question:

what happens if I can''t send out my 1099''s to contractors on time. Is there a penalty? Do I forgo the ability to deduct the expense?
Submitted: 9 years ago.
Category: Tax
Expert:  jgordosea replied 9 years ago.


You should send out the forms as soon as you can after the due date.

There are potential penalties but they may or may not be assessed. The penalty per form is $15 if you file within 30 days after the due date. If you are later than that, but before August 1, the penalty is $30 per form. If you file after August 1 or don't file at all, the penalty is $50 per form.

Intentional disregard of the filing requirement can result in a penalty of $100 per form, with no maximum penalty.

You do not forego the expense unless you never file the form and are later examined, in my experience.

I hope this helps explain late filing penalty for From 1099.

Best regards.


jgordosea and 2 other Tax Specialists are ready to help you