Nonemployee Compensation now reported on Form 1099-NEC instead of Form 1099-MISC
Beginning for tax year 2020, business taxpayers must report nonemployee compensation using the 1099-NEC Form. Prior to 2020, payers completed form 1099-MISC to report nonemployee compensation of $600 or more in box 7. Form 1099-MISC has been redesigned and no longer includes employee compensation. Instead, the IRS reintroduced form 1099-NEC to simplify the deadline among […]
