The penalties for information returns are provided by the IRS for2024 returns due in 2025, They have not updated yet for 2025 information returns due in 2026.
Click here for an article that shows the penalties per year.
It looks like, per this draft copy of "General Instructions for Certain Information Returns" that the penalty for 2025 returns is $340 per information return (as opposed to $330 for 2024 return) if you file after August 1 or if you do not file required information returns; the maximum penalty $4,098,500 per year ($1,366,000 for small businesses). This is just a "Draft Copy".
Click here for additional information on "Information Return Reporting". See page 19 & 20 under Section O, Penalties.
You are correct the general due date to submit Form(s) 1099 for 2024 is February 28, 2025 if filing by paper and March 31 if filing electronically.
If you file Form 1099 late, for 2024, the penalty is $60 per Form 1099 if you submit them within 30 days of the due date.
After that, the penalty increases to $130 per form.
If you fail to file by August 1, the penalty increases to $330 per form.
If you intentionally fail to file the forms, the penalty becomes $660 per form.
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