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New 1099-NEC form for non-employees

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New 1099-NEC form for non-employees The IRS has issued a new form for business taxpayers who pay or receive employee compensation. The 1099-NEC Nonemployee Compensation form for business taxpayers must be completed beginning tax year 2020, the IRS said. Payers must complete this form to report any payment of $600 or more to a payee. In general, the 1099-NEC form must be filed by January 31. For 2020 tax returns, the due date is Feb. 1, 2021. There is no automatic 30-day extension to file this form, although an extension may be available under certain hardship conditions, the IRS said. READ MORE

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