Steps to Handle Late 1099 Filings:
1. File as Soon as Possible:
- Even if the filing deadline has passed, submit the forms to the IRS and recipients promptly to minimize penalties.
2. Understand the Filing Deadlines:
- 1099-NEC: Deadline is January 31 (for both recipient and IRS filings).
- Other 1099 Forms:
- Deadline to send to recipients: January 31.
- Deadline to file with the IRS:
- February 28 (paper filing).
- March 31 (electronic filing).
3. Document Reasons for Delay:
- If your delay is due to reasonable cause (e.g., a natural disaster or unforeseen circumstances), keep documentation to potentially appeal penalties.
