Businesses use IRS Form 1099-NEC to report $600 or more in non-employee compensation (NEC). Generally, these contractor payments go to a person who is subject to self-employment tax.

How to File Form 1099-NEC. When filing Form 1099-NEC, there will be a Copy A and a Copy B. Copy A is only for informational purposes and should not be printed and filed, according to the IRS.

Draft 1099-NEC. IRS (You can view the entire draft form as a PDF here.). I’m typically not in favor of more paperwork, but this one isn’t a terrible idea.

The Internal Revenue Service has resurrected a form that hasn’t been used since the early 1980s, Form 1099-NEC, Nonemployee Compensation, with a draft version available for preview on its website.

Form 1099-NEC replaces 1099-MISC as the form used to report independent contractor income. If you paid an independent contract $600 or more, you’ll need to file one.

There's Form 1099-NEC for independent contractors, 1099-INT for interest; 1099-DIV for dividends; 1099-G for state and local tax refunds and unemployment benefits; 1099-R for pensions and payouts ...

You must file Form 1099-NEC with the IRS and send a copy to all recipients by January 31. If you’re filing fewer than 10 forms, you can file them by mail or electronically.

Form 1099 reports income from sources other than employment. It’s filed differently than Form 1040 for wages, so you may need help in understanding all the requirements. What Is an IRS 1099 Form ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-NEC, Nonemployee Compensation. The IRS ...

Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, ...