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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Sir Toby Belch. A false conclusion. I hate it as an unfilled can. To be up after midnight and to go to bed then, is early; so that to go to bed after midnight is to go to bed betimes.”
—William Shakespeare (1564–1616)
“Phenomenal nature shadows him wherever he goes. Clouds in the staring sky transmit to one another, by means of slow signs, incredibly detailed information regarding him. His inmost thoughts are discussed at nightfall, in manual alphabet, by darkly gesticulating trees. Pebbles or stains or sunflecks form patterns representing in some awful way messages which he must intercept. Everything is a cipher and of everything he is the theme.”
—Vladimir Nabokov (1899–1977)
“I shall return in the dark and be seen,
Be led to my own room by well-intentioned hands,
Placed in a box with a lid whose underside is dark
So as to grow....”
—John Ashbery (b. 1927)
“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)