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What Are The Penalties For Late Filing?

Penalties for late filing can devastate a small business. Take a look at the chart below to get an idea about how much the penalties for late filing really are.

Wagefiling helps you get your forms in on time by making the whole process affordable, accessible, and user-friendly.

Use Wagefiling to e-file your returns and get them done on time.

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– Filer/Company is the Employer in the case of W-2 forms, and the Payor in the case of 1099 Forms. The Filer/Company is also sometimes called the Client. Filer is the company or person who paid the money and is responsible for filing to the IRS or SSA and responsible for IRS and SSA compliance activities.
– The Payee is the person, estate, trust, or other entity who received the money. The payee is also sometimes called the recipient or employee.
– e-Filing or electronic filing, means sending a copy of Form 1099 or W-2 to the IRS in a formless way using electronic transfer. Transmittal Forms 1096 or W-3 is never needed when e-Filing.