Draft 1099-NEC for Nonemployee Compensation released by the IRS!
The IRS has made the DRAFT 1099 NEC for Non-employee Compensation tax form available as of July 24th, 2019. The purpose of the 1099-NEC is to extract Box 7 Nonemployee Compensation from the 1099-MISC and place it on a separate tax form. The purpose of the 1099 NEC Tax Form is to extract Box 7 Nonemployee Compensation from the 1099-MISC and place it on a separate tax form. The IRS argues that it has been difficult for many firms to comply with distinct reporting dates for NEC and non-NEC amounts on Form 1099-MISC. In order to resolve this issue, the …
Draft 1099-NEC for Nonemployee Compensation released by the IRS! Read More »