What are the penalties for failing to file Form 1099-NEC?
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Last modified 1/6/2021 9:55:47 AM EST |
Added by ExpressEfile Team
Penalties will be imposed when you file Form 1099-NEC late or when statements are inaccurate or incomplete.
The following are the penalty rates based on how late you file the return:
| If you file Form 1099-NEC after the deadline | Within 30 days | More than 30 days, but before August 1 | After August 1 |
| $50 per information return | $110 per information return | $280 per information return |
For small businesses with an average annual gross receipt for the 3 most recent tax years of $5 million or less, there will be lower maximum penalties.
E-file Form 1099-NEC through ExpressEfile before the deadline and avoid penalties.