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Filing 1099-Misc.7 years later
I recently found out that the previous AP mgr at my company did not file a 1099 on a person we paid in 2001 - 2004. Do I even need to file a 1099 on him now? If yes, what do I need to do? Will I have to file a 1099 separately for each year?
Thanks! ;) |
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Yes, you DO have to file a separate Form 1099 for each year in question.
Your company probably will be fined by the IRS for the late filing. How much, I am not sure? Might be as much as $50 per year for every year late, plus interest. You also need to send copies of each Form 1099 to the STATE tax authority in question, PLUS a copy to the person who did the work. |
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