Form 1099-NEC (Non-Employee Compensation) Replaces 1099-MISC for Reporting Payments to Non-Employees
Businesses Beware: Despite COVID-19, the Internal Revenue Service is moving forward with changing the reporting requirements of Form 1099-MISC box 7, “Non-Employee Compensation” requiring reporting instead on Form 1099-NEC, effective for 2020. Although Form 1099-NEC is straightforward, Box 1 is for reporting Non-Employee Compensation, many businesses will now be required to also file Form 1099-MISC […]