This new form is known as the Form 1099-NEC, and it will be used to report non-employee compensation for the 2020 tax year and beyond. If you're a business that hires independent contractors, then you can probably recall asking independent contractors you have worked with to fill out a W-9 form. For the most part, the information listed in an independent contractor's W-9 is the exact information you'll use to fill out the Form 1099-NEC. With that in mind, you should receive your new Form 1099-NEC by January 31. If you're a business, on the other hand, then you should have mailed out the Form 1099-NEC to your independent contractors already.

Source: Forbes January 26, 2021 15:11 UTC