Late Information Return Penalties
Certain types of returns do not require payment of tax. These include forms filed by employers to report wages (Form W-2) and businesses to report certain payments (Form 1099 series instructions). The penalty for failures related to these forms is a small dollar amount per form not timely filed, and the amount of penalty increases with the degree of lateness. The current maximum penalty for these forms is $50. Many of the forms must be filed electronically, and filing on paper is considered non-filing.
Late filing of partnership returns can result in penalties of $195 per month per partner. Similar penalties may apply to S corporation returns.
Read more about this topic: IRS Penalties
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“He was always late on principle, his principle being that punctuality is the thief of time.”
—Oscar Wilde (1854–1900)
“I was brought up to believe that the only thing worth doing was to add to the sum of accurate information in the world.”
—Margaret Mead (1901–1978)
“I have often wondered how they manage to get return envelopes which miss, by one-quarter of an inch, fitting the blank you are supposed to return. They say, “Please fill out and return the enclosed envelope,” and the enclosed envelope is always one-quarter of an inch too small.”
—Robert Benchley (1889–1945)
“One of the great penalties those of us who live our lives in full view of the public must pay is the loss of that most cherished birthright of man’s privacy.”
—Mary Pickford (1893–1979)