The penalty for late filing of forms 1099-MISC is $50 per form if late for 30 days or less and $100 per form if late more than 30 days.
You can wait to receive a letter from the IRS to pay the penalty. There will be no interest on the penalty if you pay the penalty by the date indicated in the IRS letter.
Please read this IRS document for more information:
https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-retu...
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