IRS Deadlines and Penalties You Need to Know

IRS Deadlines and Penalties You Need to Know


As a small business owner, you are well aware of the slew of government reports you must file. Starting this tax season, you will need to file some forms sooner than last year. The IRS deadline for filing 1099-MISC Form is January 31st, 2018. This means you cannot wait to file. The deadline is only 2 days away!! There is no time to lose! Check out the IRS deadline and penalties you need to know!


Form 1099-MISC 2018 Deadline: January 31st


IRS Deadlines and Penalties You Need to Know


What Penalties Could My Company Face?

You will be fined hefty penalties if you fail to file the required 1099 series forms by the deadline, fail to include the required information, or paper file when required to e-file.


Penalty amounts are based on the date the correct form is filed or the correct payee statement is provided to the IRS. The penalty for failing to file an accurate information return is separate from failing to submit the correct payee statement.


What if I Fail to File Form 1099-MISC?

IRS Deadlines and Penalties You Need to KnowFailure to file Form 1099-MISC by the deadline results in a $50 penalty per form if submitted within 30 days following the due date. The maximum penalty is $186,000 per year for small business owners.


Filing more than 30 days following the deadline but before Aug. 1st raises the penalty to $100 per form. The maximum fine for small businesses is $532,000 per year.


Filing after Aug 1st or failing to file corrections will increase the penalty to $260 per form, with a maximum fine of $1,064,000 for small businesses.


How Can I Avoid Form 1099-MISC Penalties?

Now that you understand the penalties and what they entail, I am sure you will avoid having to pay them. 1099 series of information returns reporting income from self-employment, interest, and dividend, or independent contractors to the IRS are due by January 31st.


You can directly e-file your 1099-MISC Forms today using ExpressEfile, the IRS-authorized e-file provider. We meet strict security guidelines and use secure encryption technology to protect your tax and business information. Plus, upgrading from paper-filing to e-filing is just $0.99 per form and our tax software helps you avoid mistakes by automatically checking for errors.


Accurately and securely e-file 1099-MISC Forms in just a few clicks!



E-file: $0.99 Per Form

E-Filing + Postal Mailing: $2.29 Per Form


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