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.