Form 1099-MISC & 1099-NEC – Changes and Best Practices

By |2022-04-06T09:11:38-05:00December 30th, 2020|Better Guidance|

Every year, businesses must issue 1099s to individuals and partnerships for payments issued of $600 or more for items such as rent, other income, contract labor, and payments to attorneys. Starting January 2020, payments for non-employee compensation, box 7 of 1099-MISC, will now be issued on the new form 1099-NEC box 1. Determining who must receive [...]