schirallicpa Posted February 7, 2009 Report Share Posted February 7, 2009 I have a client that should be filing some 1099s and we have just discovered that a little late. He has asked what the penalty is. I'm not finding anything more updated than 2007, which was at $50 per would be receipient. Considering just trying to get them out now anyway. Client is reluctant. (Imagine that.) Thought the penalty thing might encourage him, but he's afraid that since it's after Jan 31, he'll red flag and bring more attention to it. the thing is, in a previous year, he really didn't have that much that would need 1099. This year he hired a number of contractors to do some renovations, and many of those guys are local sole props. Any thoughts would be appreciated. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 7, 2009 Report Share Posted February 7, 2009 Tell him to file the 1099's as soon as possible. Unless any of this sub's contacts the IRS, I think he will avoid the penalty. He has enough time to get the 1096 to the IRS. Avoiding it will only cause bigger problems. Remember, if he paid a sub less than 600.00 he doesn't have to issue a 1099. Terry D. Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 7, 2009 Report Share Posted February 7, 2009 I agree with Terry. Most subs won't notice the filing date, and the critical thing is getting the government copies in on time anyhow. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 7, 2009 Report Share Posted February 7, 2009 He has not missed the deadline to the IRS, and if he mails them now, he will never hear a thing about them. Quote Link to comment Share on other sites More sharing options...
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