Lesson 12 begins our discussion on Form 1099 and 1042-S penalties with a focus on failure to file correct returns by the due date. This lesson walks through what happens to payors that do not file a correct and complete return on Form 1042, 945, 1042-S, or 1099, or if they do not provide a correct and complete Form 1042-S or 1099 to the recipient on time. It also discusses the potential penalties for each.