Form 1099 penalties increase
sharply
Have you filed required Forms
1099 for 2015? The forms were due by February 1 to individuals you paid $600 or
more in the course of your business during the year. If you haven't completed
Forms 1099, you'll want to do so as soon as possible. The penalties for failing
to file range from $50 to $250 per form, depending on how late your filing is
and whether or not the failure to file was intentional. Total penalties can go
as high as $1 million for businesses with gross receipts under $5 million or $3
million for those with gross receipts over $5 million. Contact us for help in
determining whether you need to file.
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