Late Filing Penalties for 1099 and Why Better Late then Never

The penalty for filing late 1099s is based on how late they are filed. The penalty is $50 per return if they are filed 30 days after the due date January 31st and $100 per return if they are more than 31 days late. Now, if you don’t file at all you can get $230for each 1099 that is not filed and $530 if it was intentional disregard.

The IRS keeps enforcing strict rules on filing 1099s on time. When filing federal income tax you will be asked if your Corporation makes any payments that require 1099 and if you have filed those forms. For this tax providing false information regarding 1099s may have future implications for companies and their directors. 

Source: IRS Article June 2018