Looking for comments or war stories on the late filing of 1099s. I've had clients file their own 1099s late in previous years and they did not receive penalties. There have been a couple of instances over the past few years in which I helped clients file their 1099s after the deadline. We expected penalties but never did receive IRS correspondence. As a result, in my experience I have not seen penalties for the late filing of 1099s (and hope I never do). It appears that perhaps IRS is not consistent on penalizing for late filing? Or maybe it only becomes an issue when the client is audited? Anyone here have any experience with either not being penalized for filing late or experience with the actual penalty?
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