SAN ANTONIO , Jan. 30, 2025 /PRNewswire/ -- All organizations that hired independent contractors in 2024 must file Forms 1099-NEC, Nonemployee Compensation, by January 31 to avoid costly penalties.

Whether you're a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring ...

Whether you're a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring ...

Disclaimer: Always consult a tax professional to ensure you understand your business tax obligations. This article compiles information directly from the IRS and is intended as a resource and not tax ...

Starting in 2020, companies that pay at least $600 for services performed by someone who is not their employee are required to use the new Form 1099-NEC to report the nonemployee compensation. The ...

For more than 100 years, the evolution of Form 1099 has required organizations to repeatedly adjust their tax reporting and compliance strategies in order to allow the Internal Revenue Service to ...

Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-NEC, Nonemployee Compensation. The IRS has ...

For businesses across America, it’s that time again to think about the necessary IRS paperwork. But there have also been some changes, as should be no surprise. One is regarding the 1099-MISC form.

The Internal Revenue Service has revived Form 1099-NEC to eliminate confusion about complying with new filing deadlines aimed at combatting fraud. The Internal Revenue Service (IRS) released its final ...