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IRS Forms 1099-MISC and 1099-NEC

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.

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Posted in: Employment Law, News

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