Deadlines sneak up on the best of us, and if you’ve missed the January 31 deadline for filing your 1099s, W-2s, or other Information Returns, you’re not alone. The good news? You can still submit late filings and minimize penalties—but time is of the essence! Tax1099 offers a simple and secure way to file belated information returns. Whether it’s a forgotten form, system glitch, or last-minute scramble, here’s how to get back on track and stay in the IRS’s good books.
What is Belated Information Return?
Belated Information Returns refer to IRS forms that are filed after their official due date. These include Forms 1099, W-2, and other tax documents that businesses and financial institutions must submit to report payments made to employees, contractors, or other entities. Missing the deadline doesn’t mean you can’t file—it just means you may face penalties, interest, or additional compliance steps.
Filing Requirements After the Deadline
If you miss the January 31 deadline, you should file your information returns as soon as possible to reduce penalties. The process remains the same:
- E-File or Paper File: The IRS still accepts electronic and paper submissions after the deadline.
- Corrections Allowed: If errors were the cause of the delay, you can still file corrected returns.
- IRS & Recipient Copies: Ensure that both the IRS and payees (contractors, employees, etc.) receive their copies to avoid further compliance issues.
- Penalty Notices: The IRS may issue a Notice 972CG (Late Filing Penalty), but you can request abatement if you have reasonable cause.
Note: The penalty for failure to file information returns can be waived for reasonable cause. However, the IRS will grant reasonable cause only if correct returns are filed, even if they are filed late.
Drawbacks of Filing After the Deadline
Filing late can lead to various consequences, including:
- IRS Penalties: Ranging from $60 to $330 per form depending on how late you file and $600 for international disregard.
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- If you have filed the 1099 forms up to 30 days late, then the fine amount is $60 per form.
- $130 per form when the filing is more than 30 days late but before August 2nd.
- When the business owner doesn’t file or does not file after August 1st, the penalty is $330 per form.
- If the taxpayers intentionally put misinformation, the penalty is highest, and it is $660 per form.
- State-Level Penalties: Some states impose additional fines for late or missing forms.
- Backup Withholding Issues: If you fail to report payments, IRS-mandated withholding (24%) may apply to future payments to vendors or contractors.
- Audit Red Flags: Repeated late filings may increase IRS scrutiny on your business.
- Delayed Tax Filing for Recipients: If contractors or employees don’t receive their tax documents on time, they may face filing delays or errors on their returns.
File Belated Information Returns Online with Tax1099
Staying compliant with IRS reporting requirements is crucial for businesses, and Tax1099 makes it easier than ever to file belated Information Returns online. Whether you need to file 1099s, W-2s, 1098s, ACA forms, or other IRS-required forms, Tax1099 provides a secure, efficient, and IRS-authorized e-filing platform to get the job done.
Step 1: Sign Up or Log In
- Visit Tax1099.com.
- If you’re a new user, click “Sign Up” to create an account.
- Existing users can log in using their credentials.
Step 2: Select Your Form Type
- Choose the appropriate IRS form (e.g., 1099-NEC, 1099-MISC, W-2, 1098, 1042-S, etc.) and the Tax Year.
- Tax1099 supports multiple federal and state filings, including CF/SF (Combined Federal/State Filing program).
Step 3: Enter or Upload Payer & Recipient Information
- Manually enter payer and recipient details or upload bulk data using Excel, CSV, or API integration.
- Tax1099 integrates with QuickBooks, Xero, Bill.com, and other accounting platforms for seamless data import.
Step 4: Choose Federal & State E-Filing Options
- Select federal e-filing, state filing, or CF/SF program based on your requirements.
- Tax1099 automatically identifies state filing obligations for compliance.
Step 5: Review & Submit Your Filing
- Double-check the details and make any necessary corrections.
- Click “Submit” to e-file directly with the IRS and state agencies.
Download & Distribute Recipient Copies
Once, you have successfully filed belated information returns, it’s time to deliver recipient copies. Tax1099 provides secure recipient delivery options as follows:
- IRS-compliant E-delivery via secure portal
- USPS mailing service
- Download & print copies
Don’t wait! Start eFiling your Information Returns with Tax1099 today!
