This article was last edited on 1/10/2020. For updated information on information return penalties, visit https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties.
Your W-2 forms are due to the Social Security Administration by January 31. Your 1099-MISC forms with an amount in Box 7 are due to the IRS by January 31. Your W-2 and 1099-MISC forms are due to your employees by January 31.
Small businesses grossing $5 million or less may be penalized the following amounts:
|
When Return is Filed |
Penalty Amount Per Return |
Maximum Amount |
|---|---|---|
|
Not more than 30 days late |
$50 |
$194,500 |
|
Between 31 days late and August 1 |
$110 |
$556,500 |
|
After August 1 or not at all |
$270 |
$1,113,000 |
|
Intentional Disregard |
$550 |
No maximum |
Penalties may apply if:
- you don't file a correct return by the due date with no reasonable cause
- you file by paper when you’re required to file electronically
- you don’t report a Taxpayer Identification Number (TIN)
- you report an incorrect TIN
- your paper forms are not machine readable
- you do not provide a correct form to your employee by the due date with no reasonable cause
- all the required information is not shown on the return
- incorrect information is included on the employee’s copy of the return
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