The IRS deadline to electronically file your 1099 form is March 31, 2011. As Per IRS regulations any person/s required to file 250 returns or more must file those returns electronically. Others with less than 250 returns may also choose to electronically file their returns. Filers whom fail to file a correct information return by the deadline may be subject to a penalty. Penalties vary and are based on the date you file your correct return.
The penalties are:
$15 per information return if you correctly file within 30 days; maximum penalty $75,000 per year ($25,000 for small businesses)
$30 per information return if you correctly file more than 30 days after the due date but before August 1; maximum penalty $150,000 per year ($50,000 for small businesses)
$50 per information return if you file after August 1 or you do not file required information returns; maximum penalty $250,000 per year ($100,000 for small businesses)
$15 per information return if you correctly file within 30 days; maximum penalty $75,000 per year ($25,000 for small businesses)
$30 per information return if you correctly file more than 30 days after the due date but before August 1; maximum penalty $150,000 per year ($50,000 for small businesses)
$50 per information return if you file after August 1 or you do not file required information returns; maximum penalty $250,000 per year ($100,000 for small businesses)
E-Filing Form 1099misc is as easy 1-2-3
Sign UP for Free on www.tax1099.com
Enter 1099 Data
Submit Online to IRS.
If you have more questions about filing please give us call at 1-410-878-2324 or do chat with us.
