The 3 Non-Employee Compensation Payments for 2022-23 Tax Season to Report on Form 1099 NEC Rather Than 1099 MISC
What is the 1099 NEC Form? The business will use the 1099 NEC Form if they made payments totaling $600 or more to a non-employee such as an independent contractor. Most firms must submit the new 2022 tax form 1099-NEC by January 31, 2023. The new form replaces the 1099-MISC that was previously used to report nonemployee remuneration paid in 2022. What Form 1099-NEC Payment Types Can You Report? The following types of payments made from your trade or business in 2022 should be reported using Form 1099-NEC: For services rendered by a third party for whom you have paid …