Donavan is self-employed and files a Schedule C (Form 1040), Profit or Loss From Business. He paid three independent contractors more than $600 during 2022 for their services. He failed to provide Form 1099-NEC to them before February 1, 2023, but he did provide the forms before February 28, 2023. What is his penalty for failure to furnish information returns?

Answer rating: 100% (QA)

Donovans penalty for failing to furnish Form 1099NEC to his independent contractors depends on sever... View the full answer