Client didn't catch all the 1099's misc he needed to send. Should we go ahead and send them late? Has anyone been penalized for sending in late?
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He needs to send them out.
You said he didn't catch all of them. Did he send out some and found other subs later that were missed?
On the penalty side... I had two clients last year that did not send in 1099s on time. Neither got a penalty. Not saying they won't but it is always for the best to send them in. -
I take this post to mean that the client did prepare and submit timely 1099's but missed a few. That's a pretty good argument for an inadvertent oversight. If a penalty were imposed, you'd have a reasonable basis for requesting forgiveness."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Ok, thanks. I was planning on sending but just wondered about penalty. Better late than never?Comment
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If IRS catches you not sending them at all, the penalty is 1000 dollars. So better to get hit with the late penalty than risk the latter.Comment
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