Question: Thom pays 1 0 different contractors each more than ( $ 6 0 0 ) for services in connection with Thom's business.

Thom pays 10 different contractors each more than \(\$ 600\) for services in connection with Thom's business. Thom is required to file Forms 1099-NEC, reporting nonemployee compensation payments in Box 1, with respect to each of the 10 contractors. For payments made to these contractors in 2024, Thom files the required Forms 1099-NEC by the due date but realizes that he inadvertently omitted his TIN on the forms. Thom files corrected Forms 1099-NEC on July 1,2025. Thom is subject to a total penalty of:
\$0
\$130
\$525
\$1,300
Open Book Exam
Thom pays 1 0 different contractors each more

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