Form 1099-MISC along with many other informational returns are due to recipients at the end of this month. Last year, I gave a brief outline of who may be be required to file.
Penalties for late filing range from $30-100 per late or incorrectly filed return. The maximum penalty is $250,000 per year. ($75,000 for small businesses).
These are pretty steep penalties for an informational return, and they are set to increase for the 2016 filing period ($50 for the minimum and up to $175,000 for small businesses).
For instructions on how to prepare Form 1099-MISC for the 2015 reporting tax year, visit the IRS website.
For information on due dates, and when and where to file, check out this IRS Publication.
If you have any questions about Form 1099-MISC contact Paul Glantz, CPA at paul@launchconsultinginc.com