There's a New Kid in Town: Form 1099-NEC
The IRS introduced Form 1099-NEC, a form specifically for reporting non-employee compensation. Here’s what you need to know.
The 1099-MISC and 1099-NEC
Recipient Due Date is in...
So... Who Gets Which Form?
If your business hired a contractor and paid them more than $600 in a year, it’s your responsibility to file Form 1099-NEC with the IRS and send a copy to your contractor.
If your business paid at least $600 during the year in rent, royalties, payments to attorneys, or prize or award-winnings, you are required to file a 1099-MISC.
If your business paid more than $10 in interest, you are required to file Form 1099-INT with the IRS and send a copy to the recipient.