Payors can face numerous penalties for non?compliance as the IRS builds a case of assessments one at a time for each 1099 with errors.
Keep in mind that the IRS can consider an error can be what was filed in good faith but the Service states that the TIN doesn’t match with what the U.S. government has on file for the named payee. In addition, there is a penalty for each Form 1099 that should have been filed with the IRS but did not do so in addition to every Form 1099 filed without a Taxpayer Identification Number. In addition, there are penalties if the payor failed to send a reporting statement to the payee or did so but had an error. This video reviews how penalties can rapidly double if IRS examiners determine there is willful disregard of tax reporting requirements.
IRS CIRCULAR 230
Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency.
Marcia L. Miller, M.B.A., E.A.
Financial Horizons, Inc.
- President and owner of Financial Horizons, Inc., a full service accounting and tax firm
- Enrolled agent entitled to practice before the Internal Revenue Service
- 40 years of accounting, tax and management consulting in South Florida for a practice with an emphasis on representing small business owners in all aspects of taxes, employment and labor issues, pensions, estate planning as well as federal, state (nationwide) and foreign mandatory reporting
- Federal appointment successfully completed for a three year term to the Internal Revenue Service's Information Reporting Program Advisory Committee (IRPAC)
- Author, speaker and teleconference expert, for various national companies and accounting organizations at their annual conferences, lecturing on a multitude of tax, technical and non-technical topics focusing on the areas of tax planning, management and health care reform
- Managing director, Transition Advisors, LLC, leading CPAs through transition with succession and M & A strategies
- Live presenter at the 2016 CCH Annual User's Conference and FICPA Chapter meetings regarding Succession Planning for CPAs
- Previous nationwide presenter of tax legislative seminars for Thomson Reuters' Bell Learning Series on current business taxation and accounting issues
- Former adjunct professor at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship
- M.B.A. and B.B.A. degrees, University of Miami School of Business
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