IRS Brings Back Old Form for Businesses to Report Non-Employee Compensation by Cherry Laufenberg, CPA
Posted on November 06, 2020 by Cherry Laufenberg
Businesses that usually file IRS Form 1099-MISC to report payments they make to independent contractors, gig-economy workers and outside consultants should prepare for change in the coming year. Effective for tax years beginning in 2020, the IRS requires businesses to report nonemployee compensation totaling $600 or more on Form 1099-NEC rather than including it on […]