What are the penalties for late mailing and filing of 1099's?

[ChrisJ · Accepted solution]

*For returns due 01-01-17 thru 12-31-17*

If you file copies of 1099s within 30 days of the due date, the IRS assesses a $50 penalty per return. The penalty is capped at $186,000 for small businesses & $532,000 for large businesses.

Between 31 days late & August 1: The penalty is $100 per return. The cap is $532,000 for small businesses & $1,596,500 for large businesses.

After August 1 or not at all: The penalty is $260 per return. The cap is $1,064,000 for small businesses & $3,193,000 for large businesses.

If the IRS deems the failure to file an 'intentional disregard' of the requirement, there is an additional penalty of $530 per return with no limitation.

For more (past or current) information on penalty rates and maximums, see this IRS alert.