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Knowledgebase: IRS Tax Reporting
IRS - Penalties for Incorrect or Not Filing
Posted by Bruce Kamm on February 27 2010 08:09 AM

 

Penalty for Not Filing or Filing Incorrect Forms 1099-B

Failure to file Forms 1099-B can result in significant penalties under Internal Revenue Code Section 6721. The penalty is based on when correct information returns are filed. The penalties are:

  • $15 per information return if filed correctly within 30 days of the specified due date with a maximum penalty of $75,000 per year ($25,000 for small businesses, defined below).
  • $30 per information return if filed correctly more than 30 days after the due date, but by August 1 with a maximum penalty of $150,000 per year ($50,000 for small businesses).
  • $50 per information return if filed after August 1, or not filed, with a maximum penalty of $250,000 per year ($100,000 for small businesses).
  • A minimum of $100 for each unfiled information return for intentional disregard.



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