New IRS Form 1099 NEC and 1099-MISC Reporting: Changes in 2020

Payments to independent contractors will no longer be reported on Form 1099-MISC, Box 7. Instead, tax year 2020 will revive an old Form 1099-NEC to separate these payments from other miscellaneous forms of income. In recent years, independent contractor payments for self-employed individuals and the categorization of workers as independent contractors versus employees have been …

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