5 Things to Know About New 1099 NEC Form
New Form 1099 NEC: Did you pay an attorney for performing legal services in the tax year 2020? Do the payments exceed $600? Then you need to report the payments on a 1099 information return. As the payments made to attorneys for legal services considered as non-employee compensation. Doesn’t know which 1099 Form to use? Don’t worry! Previously, these payments were reported on Form 1099 MISC. But as per the IRS 2020 regulations, payments made to attorneys for performing legal services are reported on the new Form 1099 NEC. Due to this new form, a lot of confusion surrounds. Be …