Steep Increase in Penalties for 1099 Non-filings
The Trade Preferences Extension Act of 2015 significantly increases the penalties imposed for failure to file 1099 information returns and payee statements. For EACH 1099 “failure to issue”, the penalty is being increased from $100 to $250. For taxpayers who “intentionally disregard” the 1099 filing requirements, the per failure penalty is increasing from $250 to […]