Oh Crap! I for got to send out my 1099's

jrewing · #1 (**permalink**) 09-21-2008, 06:06 PM

Hi Guru,
I have a small business and I needed to send out two 1099's to individuals who had done some work for me. My daughter had surgery in the spring and we had prepared for that all winter, so I honestly just forgot about doing that until I started working on my taxes. What kind of penalties will I have?

TaxGuru · #2 (**permalink**) 09-22-2008, 11:55 AM

The IRS may assess potential penalties equal to $50 per month per 1099-Misc that is filed late.

But, if you were to attach an explanation regarding your unique circumstances along with the 1099-Misc, I am almost certain that the IRS will abate or waive any possible penalties. But, it is important that you file the 1099-Misc as soon as possible.

Good Luck!