The deadlines, penalties, and state filing requirements for Form 1099 for the tax year 2023 are subject to change, and it’s essential to stay updated with the latest information from the IRS and your state tax agency. However, I can provide you with some general guidelines based on the information available as of my last knowledge update in September 2021. Be sure to verify these dates and requirements closer to the 2023 tax year.
Form 1099 Deadlines:
January 31, 2024: Deadline to furnish Copy B of Form 1099 to recipients. This includes forms like 1099-MISC, 1099-NEC, 1099 Div, 1099 Int, 1099 R, 1099 K, 1099 A, and others.
February 28, 2024: Deadline to file paper copies of Form 1099 with the IRS if you are not e-filing. If you e-file, the deadline is extended to March 31, 2024.
Penalties:
Penalties for late filing or failure to file Form 1099 can vary depending on the time of filing and the number of forms involved. As of 2021, the penalties were as follows:
- $50 per form if submitted before the deadline of 30 days
- $110 each form if submitted after the deadline of 30 days but before August 1.
- $270 per form if you file on or after August 1 or do not file at all.
Higher penalties may apply if there is intentional disregard of the filing requirements.
State Filing Requirements:
- Each state may have its own filing requirements for state-specific taxes and may also require copies of federal Forms 1099. These requirements can vary widely from state to state.
- Check with your state’s tax agency or department of revenue for specific deadlines and requirements related to state filing of Form 1099.
Please note that the IRS may update deadlines and penalties, so it’s crucial to refer to the latest IRS instructions and guidelines as the 2023 tax year approaches. Additionally, consult with a tax professional or accountant for advice tailored to your specific situation and to ensure compliance with all tax filing requirements at the federal and state levels.