Marie Posted August 16, 2022 Report Share Posted August 16, 2022 Client on extension, paid rent. Is it best to go ahead and file a late 1099 instead of IRS asking why it wasn't filed on time? which penalty is worse? Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted August 17, 2022 Report Share Posted August 17, 2022 I file a bunch of late 1099s. Especially since I asked them back in January - do you need any 1099s prepared, and they say "no". Then in the midst of July tax prep - there she be - the contractor or self-rental or other NEC that needs filed. So I file it. I'm not the one that's going to be in the wrong! 3 Quote Link to comment Share on other sites More sharing options...
Lee B Posted August 17, 2022 Report Share Posted August 17, 2022 My understanding of this situation is that you need to advise your client of the Filing Requirements, Potential Penalties and etc. Ultimately, it's your client decision after you are sure that they understand. 2 Quote Link to comment Share on other sites More sharing options...
grandmabee Posted August 20, 2022 Report Share Posted August 20, 2022 On 8/17/2022 at 7:38 AM, schirallicpa said: I file a bunch of late 1099s. Especially since I asked them back in January - do you need any 1099s prepared, and they say "no". Then in the midst of July tax prep - there she be - the contractor or self-rental or other NEC that needs filed. So I file it. I'm not the one that's going to be in the wrong! I also file them late. I have never received a penalty from IRS or Oregon state for a late one. Maybe in the future they will start assessing the penalty but it is correct to file them late or not. Plus I am hoping the client will start bringing them in January. 5 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.