Whether you're a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring ...

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, ...

What is tax form 1099-NEC? If you're self-employed, the 1099-NEC form specifically reports Nonemployee Compensation which you may have previously gotten on a 1099-MISC. Watch this TurboTax Support ...

What is the 1099 Form And Do You Need to Send One Out? A full-time employee who doesn't do any work on the side wouldn’t likely see a 1099 form. Instead, they receive a W-2 form, which is typically ...

The end of the year means many reporting responsibilities for employers. You must generate W-2s for employees and 1099-NECs for contractors. It is important to correctly classify your workers to avoid ...

The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don’t have ...

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 has ...

If you made money from freelancing or gig economy work in 2020, you will receive a new tax form by February 1, 2021—Form 1099-NEC. This replaces Form 1099-MISC, which companies have to send when you ...

Learn how to fix errors, report missing forms, and stay compliant with the IRS before filing your 2024 tax return.

For businesses across America, it’s that time again to think about the necessary IRS paperwork. But there have also been some changes, as should be no surprise. One is regarding the 1099-MISC form.