Deadlines for 1099-MISC 2023
The 1099 due date for 2023 was February 28, 2024 for the IRS, or March 31 if filing electronically.
The deadline for filing a 1099-MISC with recipient payees was January 31, 2024 for most 1099-MISCs. If the filing was for an attorney payment, substitute dividends, or tax-exempt interest reported by a broker, the IRS due date was February 15, 2024.
Here’s a breakdown of each deadline:
| Type of 1099-MISC | Due Date |
|---|---|
| To Recipient (Most Cases) | January 31, 2024 |
| To IRS (Paper Filing) | February 28, 2024 |
| To IRS (Electronic Filing) | March 31, 2024 |
| To Recipient (Special Cases)* | February 15, 2024 |
*Special cases include payments for attorneys, substitute dividends, or tax-exempt interest.
The 1099 Form for 2023 only applies to disbursements made during that year. If you’re reporting 2024 payments, use the current 1099 MISC form.
What Happens if You File Late
If you missed the filing due date for a 1099-MISC, you may owe penalties and interest on each missing information return and payee statement. Here are the current 1099 late filing penalties for 2023 MISC returns:
| Filing Status | Penalty |
|---|---|
| Up to 30 Days Late | $50 |
| Over 30 Days Late (until Aug 1) | $110 |
| After August 1 | $290 |
| Intentional Non-Filing | $580 |
Interest on the penalty starts accruing from the form’s initial deadline and continues to increase until you file your form and pay what’s due.
As an example, say you forgot to report the rent your business paid for office space on a 1099-MISC. You realize your mistake on December 1, 2024, and file your payee and IRS statement the same day. You may owe $290 for each missing document — a total of $580. The IRS may also charge interest starting from the form’s due date.
State-Level Penalties
Some states may assess a penalty for missing 1099-MISC forms. If you’re behind on a state filing, check with its tax department to find out whether a fine may apply to your case.
To avoid future disconnects, consider enrolling in the Combined Federal/State Filing (CFSF) Program. It allows you to submit many federal and state informational returns simultaneously, including the 1099-MISC.
Other Legal Consequences
The IRS usually relies on its system of penalties to encourage businesses to stay on top of their informational returns. However, a pattern of non-compliance may open the door to increased scrutiny from the agency — including the potential for an audit. Staying abreast of your filing responsibilities can keep you free of IRS-imposed penalties and interest.
Impact on Payees
If you received income usually reported on a 1099-MISC, you’ll include it on your tax return—regardless of whether you received the form.
As long as you report the income and it agrees with what’s included on a late 1099-MISC, it won’t impact your tax responsibilities. Issues arise if there’s a discrepancy between the 1099 and the income you include on your tax return. Consider amending your tax return to account for any differences and pay any overdue tax.
How To File Your 1099-MISC Form Late
You can submit an overdue 1099-MISC electronically through the IRS online filing platform. Paper reporting is an option if you have fewer than ten forms. If you opt to send a paper copy, make sure it goes to the correct IRS processing center based on your business location. There are three different addresses, and you’ll choose the one that applies to your state.
The IRS now uses Form 1099-NEC for contractor payments, while Form W-2 is used for reporting employee earnings and deductions.
Share the 1099-MISC with payees, too. If a recipient didn’t already report their earnings from your business, they may need to amend their tax return.
Here’s the process in a nutshell:
- Prepare the missing 1099-NEC.
- Submit the form to the IRS and state tax departments electronically or through the mail.
- Share a copy with your payees.
Relief Options for Late Filers
A missed 1099-MISC can happen to anyone. If you overlooked a filing, you might avoid a penalty if you can show reasonable cause. The IRS provides relief on a case-by-case basis.
Some examples of reasonable cause include:
- Experiencing IT problems that prevent access to records.
- Facing an unpreventable absence of the administrator responsible for filing.
- Encountering a natural disaster or fire disrupting operations.
- Dealing with system issues delaying timely submission.
You may qualify for a penalty reprieve if you’re normally a responsible taxpayer. Situations outside your control might boost your chances of a waiver. Being a first-time filer of the form also helps. The IRS looks at other factors, like your tax compliance history, when removing a penalty.
If you receive an IRS notice, you’ll know you owe a 1099 late filing fine. The letter lists the amount due and a toll-free number to call in the right-hand corner if you want to dispute it.
There’s no harm in contacting the IRS about an overdue form before you submit it. If you explain what happened, they may waive the penalty ahead of time.
Why Filing Late Is Better Than Not Filing at All
It may be tempting to skip a 2023 1099-MISC report if you missed the due date. However, the IRS will likely catch the mistake, and that can result in a higher penalty. Interest accrues on the fine until you file the form. It may add up quickly.
A phone call to the IRS can help you settle the matter and potentially qualify for a waiver. It keeps you compliant so you can focus on things that matter—like growing your business.
How To Notify the IRS of a Late Filing
You can call the IRS business line at 800-829-4933 between 7 AM and 7 PM local time, Monday through Friday. Contacting them before you submit the return alerts the agency to be on the lookout for your form.
Alternatively, you can wait for the IRS to send you a notice concerning the late filing. Their letter will include a phone number if you decide to dispute any penalties charged.
Legal Considerations
If you have unique questions about filing a late 1099-MISC, consider speaking with a tax advisor or attorney for tailored guidance. A qualified professional can address special situations that fall outside the average taxpayer’s concerns.
File Your Overdue 1099-MISC Today
There’s no better time than now to file a late 2023 1099-MISC form. Getting on top of your filing responsibilities can help you avoid extra penalties and interest. You may even qualify for a reprieve if you ask the IRS to consider your circumstances. Start today using the Legal Templates editor. Our service allows you to edit, save, and print your form, so you’ll have it for your records.
Frequently Asked Questions
Do I Have to File My 1099-MISC This Year?
Yes. You should file the form anytime your organization’s payments meet the IRS reporting criteria. The due date to submit it to payees is January 31 after the tax year ends. Electronic filers have until March 31 to share a copy with the IRS.
Will the IRS Catch a Missing 1099-MISC?
The IRS has several tools it uses to identify missing information reports. Rather than hoping they won’t notice an omitted form, stay on top of your reporting responsibilities. Your compliance helps avoid any unwanted fines and interest.
Can I File Online Even if I Missed the Deadline?
It depends on the tax year. If the 1099-MISC is for 2022 or later, you can file it electronically. Earlier returns may require a paper submission.
How Long Does It Take for the IRS to Process Late Submissions?
You can expect the IRS to process a late 1099-MISC pretty quickly — no longer than 21 days. There may be delays if the form contains any inaccuracies, such as an incorrect taxpayer identification number.
