1099 Season is short, for the most part as it is only the month of January. Now is a good time to refresh your understanding and begin gathering information.
This is the second year for the new 1099-NEC to report non-employee compensation. The 1099-NEC is used to report only non-employee compensation and associated withholding when applicable. The 2021 Recipient copies and Federal filing copies must be filed on or before January 31, 2022, using either paper or electronic filing procedures.
When ordering printer forms for 1099-NEC, please note the change to 3-up or 3 forms per page format, also requiring a different envelope. 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. And remains a 2-up form.
To see copies and instructions for the 2020 form 1099-NEC and 1099-MISC click the links below:
Please contact your Dent Moses advisor or our office with questions or for more information.