By what date should I receive my 1099
As for Instance A. Provided that you specify your payments in field 7, the deadline for submitting this copy to the IRS is January 31.
Provided that you submit this information on paper, then the filing date is postponed to February 28. And if the same data you transfer via the website, the period is April 1.
As for instance B. In order to avoid problems with the tax Inspectorate, you need to send this document to the contractors with whom you work until January 31.
Provided that you enter your payments in the field 14 or 8, the deadline is postponed to February 15.
And if you suddenly miss the deadline for the transfer of this data
This situation will not mean the complete collapse of your business. It will only entail some penalties, which depend on the period of delay:
- If you are late for 30 days, the fine will be $50;
- If you are late, but managed to submit information before August 1, the fine will be $100;
- If you are late and do not have time to submit information before August 1, the fine will be $260.
In case of deliberate evasion of the application, you may be assigned a minimum fine of $ 530. And the upper limit of the fine is unlimited. Fortunately, now all the conditions are created so that businessmen can submit consolidated tax information within the IRS 1099 due date . There are various options: a personal visit, sending by regular mail or sending information on the website of the state tax service.