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the penalties for not filing 1099s can add up quickly and Vary from 50 to 110 dollars per form depending on how long past the deadline you issue them in fact if a business intentionally disregards the requirement to provide a correct pay statement it is subject to a minimum penalty of 550 dollars per statement so knowing when and how to issue forms 1099 is extremely extremely important welcome back to my channel if you havent already please make sure that you subscribe for more videos and content in todays video Ill walk you through when to issue form 1099 NEC and 1099 miscellaneous well talk about applicable exceptions and why you should always ask your vendor your contractor to provide a W-9 and Ill also share what you need to know about penalties for not issuing these forms also I want to let you know that there is a new requirement for small businesses if you use third-party payment processors such as venmo or PayPal they will now be reporting everything that has gone through
