Today is the deadline to file Form 1099 with the IRS! Do you need to file a tax extension
? Well, we have the perfect solution for receiving more time to file a 1099 form and avoid any last-minute filing nightmares; IRS Extension Form 8809!
You have until midnight to e-file taxes online, specifically IRS Extension Form 8809, which automatically gives you an additional 30 days to e-file your 1099 Form.
Do You Need to File a Tax Extension?
is referred to as the Application for Extension of Time to File Information Returns and grants filers an automatic 30-day extension to file taxes online.
When filing for tax extension Form 8809, the IRS does not require a written reason. However, Form 8809 must be e-filed by midnight tonight to be valid.
What Happens If I Don’t File 1099 Form?
Long story short, you will fined hefty penalties if you fail to file the required 1099 series forms by the deadline, fail to include the required information, or paper file when required to e-file.
Penalty amounts are based on the date the correct form is filed, or the correct payee statement is provided to the IRS. The penalty for failing to file an accurate information return is separate form failing to submit the correct payee statement.
What If I Fail to File Form 1099?
Failure to file 1099 Form by today’s tax deadline results in a $50 penalty per form if submitted within 30 days following the due dates. The maximum penalty is $186,000 per year for small business owners.
Filing more than 30 days following the deadline but before Aug. 1st raises the penalty to $100 per form. The maximum fine for small businesses is $532,000 per year.
Filing after Aug. 1st or failing to file corrections will increase the penalty to $260 per form, with a maximum fine of $1,064,000 for small businesses.
How Can I Avoid 1099 Form Penalties?
Now that you understand the penalties and what they entail, I am sure you will avoid having to pay them. 1099 series of information returns reporting income from self-employment, interest, dividends, or independent contractors to the IRS are due by midnight today, April 2nd.
You can directly e-file your 1099 Form today using our sister product TaxBandits, an IRS-authorized e-file provider. They meet strict security guidelines and use secure encryption technology to protect your tax and business information.
However, if you feel rushed you are more likely to make mistakes while filing your forms. You can extend your deadline by filing IRS extension Form 8809.
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