IRS Penalties for Late Filing

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If you have not yet filed your required information returns and you have not applied for and received an approved extension of time to file, you may be subject to a late filing penalty. The amount of the penalty is based on when you file the correct information return. The penalty is:

• $30 per information return if you correctly file within 30 days (by March 30 if the due date is February 28); maximum penalty $250,000 per year ($75,000 for small businesses)
• $60 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $500,00 per year ($200,000 for small businesses)
• $100 per information return if you file after August 1 or you do not file required information returns; maximum penalty $1,500,000 per year ($500,000 for small businesses)

To avoid further penalties by E-Filing your 1099 & W-2 using ExpressTaxFilings as soon as possible.  For any questions about filing Form 1099 or W-2 contact the Express Tax Support Center in Rock Hill, SC at 803-514-5155 between the hours of 8am – 6pm EST, Monday through Friday or email support@ExpressTaxFilings.com.