People and companies that make payments of miscellaneous income to
individuals must give the payee Form 1099-MISC by the end (in most
cases) of February of the year following the tax year in which the
income was paid. However, if the payment is for non-employee
compensation to be shown in box 7 of Form 1099-MISC, then it is required
to be filed by January 31st.
The paying institution or individual must
issue Form 1099-MISC by January 31, 2018. If the institution fails to do
so, 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.
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