The 1099-Misc Form is one of the most misused documents in businesses today. With frequent changes and updates, it’s hard to keep up to date with the rules, leading many business owners to guesswork, or to not filing anything at all. Errors and omissions in 1099 forms will result in penalties, which range anywhere from $30-$100 per form depending on how long past the deadline the form is filed. There is also a minimum fee of $250 per statement (with no maximum) for every incident in which a business owner has intentionally disregarded the requirement to provide a correct payee statement. These fees can wind up costing businesses a hefty sum if they are not careful.
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