I forgot that I needed to submit a 1099-MISC for a contractor who did repair work on my rental property and failed to file the 1099-MISC until after the Jan. 31st deadline. I just e-filed the 1099-MISC using TurboTax this week, but I can't figure out how to pay the penalty for late filing. Can anyone help? Someone else asked the question and was advised to wait for the IRS to send a bill, but I don't want the IRS adding interest to the late payment penalty while I wait for the bill.
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:
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:
Is there a procedure for asking for an abatement of the penalty in case like this where it's the first time that a 1099-MISC has been issued by the owner or S Corp?
Hello,
Did you ever figure out the answer to this question? I am curious!
Never got anything from the IRS, so I have absolutely no idea. Sorry.
It is possible that the IRS will not penalize you, so I would suggest you not pay the penalty in advance. I have filed form 1099-MISC late in the past and not received a penalty.
Hi Thomas,
May I ask how late was your filing and how many 1099s? I was responsible to file 1099-MISC for multiple filers, 30 of them, and the software we have been using had a glitch from their recent upgrade. When I uploaded the electronic file to the IRS website, it only picked up information from one filer instead of all 30 filers. By the time I realized the error, it was already passed the deadline of January 31 for 1099-MISC Box 7 NEC filing.
I then filed for the missing filers 5 business day after January 31, total of 200 forms (payees/recipients) from 29 filers. Some filers have only 3 or 4 forms, and some have about 30 forms, that one electronic file to the IRS contained 200 1099-MISC forms. I am hoping the IRS will not send a penalty notice since it was only a couple of business late, otherwise I may need to response with explanation in 29 separate letters.
I spoke with someone who had been filing 1099-MISC Box 7 to the IRS way after deadline January 31 for the last of couple of years, because she had always thought the deadline was still by end of February, and she have never received a proposed penalty notice. However, her filling only contains 5 forms (payees/recipients) and she usually files by paper, maybe the IRS did not bother with small counts of filings.
The above is correct, regarding the amounts of penalties for filing 1099MISC late. Yes, you can pay the penalty when you get the letter from IRS.
Did you end up receiving a penalty for filing the 1099s a couple days late? I had a similar issue with about 80 forms for 2020 that were filed the following day after the deadline and am hoping there are no penalties. How long before the penalty letter is typically sent out?