The IRS is reminding businesses and other payors to furnish new Forms 1099-MISC and 1099-NEC to most recipients by Feb. 1, 2021.
The revised 1099-MISC, Miscellaneous Income, has different box numbers for reporting certain income.
If businesses are using Forms 1099-MISC to report amounts in boxes 8 and 10, there is an exception to the normal due date. Those forms are due to recipients by Feb. 16, 2021.
Form 1099-NEC, Nonemployee Compensation, is a new form for tax year 2020 for nonemployee compensation of $600 or more to a payee. Get more information here.