New 2020 IRS Form 1099-NEC for Independent Contractors
The IRS is reintroducing Form 1099-NEC for 2020 informational return filings. This form was last used in 1982 during the Reagan administration. The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of a trade or business. The renewed From 1099-NEC separates out non-employee compensation from other sections of the Form 1099-MISC and imposes a new filing deadline of February 1, 2021.
Click the link below for more information on how this report is to be used.