A Complete Guide to Form 1099-NEC, Non-Employee Compensation
Starting with the 2020 tax year, businesses will report and utilize Form 1099-NEC if they make payments of $600 or more to certain nonemployees, such as an independent contractor. If you are an independent contractor, you should anticipate receiving this new form from any business that paid you $600 or more in nonemployee compensation in tax year 2020 or later. Each year, you should receive these forms by January 31st and utilize them to complete your tax return. Key Takeaways ...
