IRS puts some new teeth in 2017's 1099 penalties.

• Position: IRS news

If Rev Proc. 2016-55 doesn't mean much to you at first, it likely will soon as IRS Revenue Procedure 2016-55 contains the 1099 penalties accounts payable departments faces in 2017.

Penalty highlights include:

* Incorrect 1099: $260 each, with a new max penalty of $3,218,500;

* 1099 corrected 30 days after the required deadline; $50, new max penalty of $536,000; and

* 1099 corrected on or before Aug. 1: $100, with a 51,609,000 max.

The IRS is also taking a harder stance on intentional disregard for accuracy. If it believes...