Business owners must file IRS Form 1099-NEC (Nonemployee Compensation) whenever they pay $600 or more to an independent contractor during the tax year. Employers use this document to report various ...

There are penalties for missing the deadline for the new 1099-NEC form and updated 1099-MISC for both tax filers and businesses.

If your business pays nonemployee compensation and other reportable payments, you must be aware of two forms: Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC.

Form 1099-NEC isn’t a new form, but it hasn’t been in use since 1982. The IRS is bringing it back as a dedicated form for reporting self-employment income. You’ll use it this year instead of putting ...

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.

Employers who pay independent contractors for work that is not paid through their payrolls do not take out deductions. The contractors file their own taxes and make the payments. As a result, ...

For the 2020 tax year, the Internal Revenue Service (IRS) moved reporting of certain nonemployee compensation, including current and deferred compensation paid to independent contractors and corporate ...

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Often, an employee who works outside standard workplace hours to fulfill their role for you is an independent contractor instead of a full-time employee. This employee status difference is a vital ...