The IRS has unveiled the new Form 1099-NEC that CFOs and their financial staff will use to report nonemployee compensation.
Business taxpayers should use the reinstated 1099-NEC in tax year 2020 to report any payment of $600 or more to payees, the IRS explained.
Due to the reinstatement of this form, the classic 1099-MISC will also have to change. Here’s what to expect from both forms.