1099 forms are now due to the recipient and to the IRS by January 31. In the past, 1099s to the recipient were due January 31, but weren’t due to the IRS until the end of February (or March 31 if filing electronically). The penalties for not timing filing these forms is $500 ($250 per form not sent to the recipient and $250 for each form not filed with the IRS). So if you miss filing 5 1099s, the fine for this could be $2,500.
If you would like our assistance with filing your 1099s, let us know and we can help. If you have typically filed your 1099’s with the IRS in February or March, please provide your information to us early to meet the new deadline.