Form 1099-NEC: The New IRS Form for Business Taxpayers
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why a new form? Prior to 2020, Form 1099-MISC was filed to report