I didn't realize that you had to fill out the 1099 form before starting a new return until today - 4 days before taxes are due so, late for the January 31 deadline. What happens if I don't file a 1099? In years past, I have subcontracted for other companies and have never received a 1099 from them.
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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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