qbteachmt
Level 15
10-11-2021
12:41 PM
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There is good news for the penalty for not issuing the 1099:
"If a business fails to issue a form by the 1099-NEC or 1099-MISC deadline, the penalty varies from $50 to $270 per form, depending on how long past the deadline the business issues the form. There is a $556,500 maximum in fines per year. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $550 per form or 10% of the income reported on the form, with no maximum."
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Don't yell at us; we're volunteers
