Miscellaneous Income and Non-employee Compensation
The IRS has made a significant change to one of their most used annual tax forms the Form 1099. Beginning with tax year 2020, employers will use new Form 1099-NEC to report non-employee compensation and the Form 1099-MISC has been redesigned and revised for reporting other income.
Redesigned Form 1099-MISC.
Due to the creation of Form 1099-NEC, the IRS has revised Form 1099-MISC and rearranged box numbers for reporting certain income.
Changes in the reporting of income and the form’s box numbers are listed below.