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How to Meet Deadlines for Filing a 1099-MISC

1.

Send copy B of Form 1099-MISC to the recipient by January 31, 2001. The recipient is the contract worker or other person who received the payments you show on form 1099-MISC.

2.

Send copy 2 of Form 1099-MISC to the recipient by January 31, 2001 if the recipient's home state has a state income tax.

3.

Send copy A of Form 1099-MISC to the IRS by February 28, 2001. The due date is extended to March 31, 2001 if you file electronically. This copy must be accompanied by Form 1096.

4.

Send copy 1 of Form 1099-MISC to the state tax revenue bureau of the recipient's home state by February 28, 2001 if the recipient's home state has a state income tax.

Tips and Warnings

  • The penalty per form is $15 if you file within 30 days after the due date. If you are later than that, but before August 1, the penalty is $30 per form. If you file after August 1 or don't file at all, the penalty is $50 per form. Even if you are late in filing, you need to do it as quickly as possible.
  • The penalty will not apply if the failure to file was due to a reasonable cause or is an error of no real importance. However, a wrong tax identification number (TIN), an error in your last name, or an error in the money amounts is never considered of no importance.
  • If you have failed to file a great many forms, there are maximum penalties. Small businesses can be fined up to $100,000.
  • Intentional disregard of the filing requirement can result in a penalty of $100 per form, with no maximum penalty.
  • An incorrect tax identification number (TIN) on the form is considered the same as not filing at all.


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