gettyLast year, the Internal Revenue Service introduced a draft version of a form that we haven’t seen since 1982: Form 1099-NEC, Nonemployee Compensation. Form 1099-NEC is intended to replace the nonemployee compensation part of a form many of us have come to know and love: Form 1099-MISC, Miscellaneous Income. But nonemployee compensation - money paid to freelancers, independent contractors, gig workers and others that aren’t employees - will now be reported on Form 1099-NEC. The Not Completely New Form 1099-NECThe form, which will make its comeback in 2021 for the 2020 tax year, looks like this:2020 Form 1099-NEC IRSWho Gets A Form 1099-NEC? The due date for certain Forms 1099-MISC was January 31, while the due date for other forms 1099-MISC was February 15.
Source: Forbes September 15, 2020 23:44 UTC