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- What's worse and riskier? filing late 1099s or not filing them
What's worse and riskier? filing late 1099s or not filing them
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Jim-from-Ohio
Level 11
yesterday
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I should have passed on this one but a home builder contacted me and I still have difficulty in saying no but anyway.. He needs to file 2022 and 2023, Schedule C taxpayer... He used subcontractors but did not issue 1099s. I know about penalties for filing late 1099s and penalties for not filing 1099s at all but what is the best advice on this.. issue them late and 99% probablility will get a penalty notice or explain the risks in not filing them at all and let him make his decision?
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IRonMaN
Level 15
yesterday
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You are missing the other part of the jigsaw puzzle. Does he have EINs for all of those subcontractors? Most likely not, and I'm sure you have encountered those challenges of getting those EINs after the fact --------- especially a year later. Explain the penalties to your client and let him make the decision. But the next question is, if he won't file them, how are you going to answer the 1099 questions on the schedule C?
Slava Ukraini!
