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mossotto
New Member

I forgot to send out a 1099misc for contracted work before deadline, what do i do to fix it?

 
1 Reply
KarenL2
Level 5

I forgot to send out a 1099misc for contracted work before deadline, what do i do to fix it?

You should still file them and send them out.  It's better to be late than not sending them at all.  The minimum fines are higher if you disregard the requirement to file them.

"The penalty against the company varies from $30 to $100 per form ($500,000 maximum per year), depending on how long past the deadline the company issues the form.   If a company intentionally disregards the requirement to provide a correct payee statement, it is subject to a minimum penalty of $250 per statement, with no maximum. "

Penalties for Not Filing 1099-MISC


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