One of the brokerage firms that handles my investments commonly sends my combined 1099 form early March. In the 6 years I've worked with this brokerage, twice they've sent corrected statemetns that came out mid\late March. Isn't there a federal or IRS related law that states they must provide 1099 forms by mid February? My other brokerage firm meets this deadline without issue.
It depends. According to VolvoGirl in this Turbo Tax post, 1099B's should be sent out Jan 31. There is no time limit to send out corrected copies though and often it could be mid/late March until you receive them.
But for the initial consolidated 1099, I understand it must be postmarked by February 15th. In my experience with other brokerages, they post electronically by that date and within a week I also received the paper copies.
As mentioned in the original post, one brokerage firm has been consistently late for 6 years in a row. Should that be reported to IRS?
No, you shouldn't report them to the IRS.
Here is an excerpt from the instructions for filing General Instructions for Certain Information Returns (2021):
"Except as indicated below, file Forms 1097, 1098, 1099, 3921, 3922, or W-2G on paper by February 28, 2022, or March 31, 2022, if filing electronically."
And later:
"Extension of time to file. You can get an automatic 30-day extension of time to file by completing Form 8809. The form may be submitted on paper, or through the FIRE System either as a fill-in form or an electronic file. A signature or explanation may be required for the extension. However, you must file Form 8809 by the due date of the returns in order to get the 30-day extension. Under certain hardship conditions, you may apply for an additional 30-day extension." IRS instructions
So while I understand why you are frustrated with the delay, technically they can mail it to you as late as March 31, or April 30, if they are impacted by a hardship.