I am a sole proprietor of a small business. I completely forgot to send out 1099s.?

Question

I realize today is the day that everything is due, but I was wondering if I could still send out the 1099s at this point? I'm filing an extension and I just completely forgot to take care of the 1099s. Is there some sort of penalty I could just pay and go ahead and send them out? None of the people called to find out where their forms were.

Answer 1

The deadline for those has long since past. Send them out ASAP. There is a $50 per 1099 penalty for late filing of them, plus a possible additional penalty of $100 per 1099 for willful disregard of IRS instructions on the matter. The first one will probably be a given, cross your fingers on the second one. If you have a good reason for not filing them on time the IRS may waive the penalty. "I forgot" isn't a good enough reason, though.

Answer 2

I think you're OK on the "willful disregard" aspect; at least that's how it would be if it was a DOT violation. You didn't *mean* to forget it, you just did.

If I were you, I'd compute them immediately, call up everyone you can immediately and tell them the numbers. Then mail them out fairly soon and include a note of explanation. Everyone who's already filed will need to amend their taxes, so call them today!

Answer 3

First, for those of you too dense to examine and show yourselves, i will spell it out for you, he's not bobbing up a tax for the wealthy and wealthy, he's letting previous law expire. 2d, Obama is a figurehead, positioned there via the clowns that actual run our u . s . into the floor. it is not proper which fit and tie have been given elected, we are all going to harm some way or yet another. third, taxes fund the government companies which you have all substitute into conscious of, like faculties, roads, police companies, and fireplace departments. no rely what the source is, the government gets their funds. Fourth, for all of you who ***** approximately larger taxes, this is a shame which you're making over $a hundred,000 a 12 months doing some thing that would desire to be accomplished for $30,000 a 12 months, much less $250,000 a 12 months. 5th, in a rustic like ours you may assume we could furnish a minimum of user-friendly well-being care. No corporation would be bankrupted because of the fact it has to supply well-being care. maximum valid companies do besides. 6th, observing history you will discover that a majority of the proposed "plans" are by no ability observed via. ultimately, we argue approximately such stupid issues like this, no ask your self we are hated via different international locations. i admire this u . s . yet I hate the persons who stay in it. via the way, the taxes is on internet earnings, after factoring out sales - expenses.