Millions of Americans will receive one or more 1099-MISC forms this year. In order for taxpayers to file their taxes on time, they need to have these forms delivered to them by a certain deadline which is established by the IRS. Failure to provide the forms to those who are entitled to them can bring about serious consequences. Here are the deadlines for submitting 1099s for 2012.

1099-MISC Deadline:

You must send Copy B as well as Copy 2 of the 1099-MISC to the person or company no later than January 31, 2013. However, payments reported in box 8 or 14, the due date is extended to February 15, 2013. In addition, you must also send Copy A to the IRS. This must be done by February 28, 2013.

For those who file electronically, the deadline is April 1, 2013. It is important to understand that to file electronically it is required that you have software that is able to generate a file that is in accordance with the specifications outlined in Pub. 1220. For those that are required to file electronically (and fail to do so) there can be a $50 penalty for each return that was not filed. There are, however, waivers which can be applied for, but you just show reasonable cause.

1099 Deadline Penalty:

Those who do not file within the deadlines (and do not have a good reason) may be subject to penalties. Persons may face penalties if they: fail to file timely; if they fail to list all the required information on the 1099; if they include information that is not correct on the return. You should double check all of this information.

There can also be penalties for those who file on paper if there are required to file electronically; if they report a Tax Identification Number that is not correct, or if they fail to report a TIN altogether. For those facing a penalty, the 1099 deadline penalty is based on when the corrected version is filed. Generally, the penalty is:

An amount of $15 per return if the corrected form is filed within 30 days or by 30 March if the deadline date is February 28. There is a maximum penalty of $75,000 per year for large businesses and $25,000 for small businesses.

A penalty of $30 for each return if the corrected form is filed more than 30 days after it is due but before August 1. The maximum penalty is $150,000 per year; $50,000 for small businesses.

An amount of $50 per return for those who file after 1 August, or do not file required forms at all. The maximum penalty is $250,000 per year; $100,000 for small businesses.

As you can see, failing to file your 1099s on time can lead to expensive fines. If you are required to send out these forms to those that may have worked for you during 2012 make getting forms completed and send out a priority. It can save you a lot of money and stress.