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Video instructions and help with filling out and completing Irs form 1099-s certification exemption form
Instructions and Help about Irs form 1099-s certification exemption form
Hello my name is Tiffany Searight and I am the resourceful CEO here I am today I'm here to talk to you about the penalties that your company will incur for not filing 1099s or for late filing 1099s this is part of our 1099 video series most businesses understand that they need to issue form 1099 to the independent contractors and filed 1099 s with Internal Revenue Service by the deadline however few are aware of how harsh the penalties can be for deliberately not complying with filing regulations fortunately the IRS does make significant allowances for simple mistakes I'm sure this is relief for those companies that have unintentionally omitted a 1099 from their filings of course the best way to avoid penalties is to file the correct form 1099 by the applicable dates here is a sample form 1099 miscellaneous this is a primary form that applies to your business because this is the form that you must send to all independent contractors to whom your business paid $600 or more in the prior calendar year for more details see our first video what entities get 1099 to ensure compliance your company must mail out all 1099 including it 1099 miscellaneous by January 31st following the end of the calendar tax year so for the 2022 calendar tax year you must file or you must excuse me you must mail these out by January 31st 2022 for 2022 tax year you will have until January 31st of 2022 the lone exception is form 1099 C which if this applies to you your firm must mail by February 15th your company must then file 1099 s with the IRS by February 28th if you're filing by paper if filing by electronic with your filing electronically which I highly recommend so much easier then you must Eve file the 1099 with the IRS by March 31st the IRS levies penalties for a number of infractions related to the 1099 as I already stated a penalty applies if your company fails to file on a timely basis the penalty applies if your company fails to include all the required information or includes incorrect information on a 1099 if you neglect to report a tax identification number that is either the employer identification number for companies or the social security number for individuals and sole proprietorships you may be subject to penalties if you file a 1099 for an incorrect tax ID number you may be subject to penalties as you would if you submit paper forms that are not machine readable another reason to e-file the IRS basis the amount of any penalty it assesses on your company from the time your company finally files the correct 1099 so if your company files within 30 days of the due date then a penalty is $30 per incorrect 1099 the maximum penalty for small businesses for this violation is 75 thousand per year which would equate to about 2,500 or.