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 ...

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 ...

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.

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.

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to ...

Korrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma. Send ...

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 ...

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 ...