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.

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.

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.

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.

Then in 2020, the IRS introduced Form 1099-NEC (non-employee compensation). You’ll issue Form 1099-NEC if you paid any non-employee $600 or more to perform services for your business.

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. Nonemployee compensation is not simple ...

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 ...

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, ...

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 ...

A 1099 tax form documents payments made by sources other than employers. It’s also an information return small businesses and self-employed individuals are required to file for payments they may ...