Form 1099-NEC is used for reporting compensation paid to nonemployees. Here's what you need to know. Many, or all, of the products featured on this page are from our advertising partners who ...

The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. • The IRS requires businesses to report payment ...

This new tax reporting rule was first announced in 2021 to capture income over $600 ... Once this rule takes effect, you may still receive individual 1099-NEC forms if you were paid through ...

That should tell you about each IRS Form 1099 issued to you. The 1099-NEC form tips off the IRS to collect self-employment taxes, in addition to income tax. In fact, apart from wages, whatever you ...

If you pay independent contractors $600 or more annually, you must report those payments to the IRS on Form 1099-NEC. The process is fairly simple if you only need to send one or two, but it gets ...