Someone in another thread referred to this penalty and I can't find it in TTB. Can anyone explain the penalties or point me to an explanation, preferably in TTB?
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1099Misc
Mailed after 2/29/08 will late penalty of 15.00 per 1099M. I know because I had to pay last year, because I buried a clients on my desk and did not find it until after tax season. I cannot locate the rule right now. -
1099 Misc Instructions
From 2007 1099 Misc Gen Instructions, look on page 12 for penalties. http://www.irs.gov/pub/irs-pdf/i1099gi.pdf
$15 if late filed by 30 days (3/30)
$30 if late filed by 31 days up to 8/1
$50 if late filed after 8/1
I have only had one or two clients that have received the penalty in the last year or two (for 2005 and 206) and they had more than one 1099 form.
Your t/p's chances of not receiving the penalty is probably 50/50. File them asap.
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