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PENALTIES INCREASED FOR NOT FILING FORMS …

November 2, 2015page 1 of 4 PENALTIES INCREASED FOR NOT FILING FORMS 1099 Congress has INCREASED the PENALTIES for failure to file or late FILING of FORMS 1099 effectiveJanuary 1, 2016.#Information Return PENALTIES INCREASED for 2016 Currently, the penalty to file correct information returns or to provide a correct payeestatement is $100 for each return for which such penalty occurs, up to $ million percalendar year. The Trade Preferences Extension Act of 2015 INCREASED the PENALTIES to$250 per failure, up to $3 million per calendar year.

November 2, 2015 page 1 of 4 PENALTIES INCREASED FOR NOT FILING FORMS 1099 Congress has increased the penalties for failure to file or late filing of Forms

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