Introducing IRS Form 1099-NEC

For many years, non-employee compensation has been reported in Box 7 on IRS form 1099-MISC. Beginning with the tax year 2020, non-employee compensation will be reported on the new form 1099-NEC in Box 1.
The 1099-NEC is used to report only non-employee compensation and associated withholding when applicable.  The 2020 Recipient copies and Federal filing copies must be filed on or before February 1, 2021, using either paper or electronic filing procedures.
The catch-all Form 1099-MISC will continue to be used to report Rents, Royalties, “Other Income”, Medical and health care payments, and several others plus withholding.
To see copies and instructions for the 2020 form 1099-NEC and 1099-MISC visit this link: