Have You Heard? There's A New Form 1099 for 2020

​NEW FORM—1099-NEC for 2020
The IRS has revived an old form last used  back in 1982! The IRS has separated out the reporting of payments to non-employees from Form 1099-MISC —where it was reported in Box 7—and they have also redesigned Form 1099-MISC for tax year 2020. Because non-employee payment reporting has been removed from Form 1099-MISC for 2020 and the foreseeable future, the IRS has redesigned Form 1099-MISC. The biggest change is Box 7, which was previously used for reporting non-employee payments and is now used for direct sales of $5,000 or more. The new 1099-NEC form for 2020 is not complicated, but figuring out who must receive it may be difficult. Filing form 1099-MISC/NEC is still the law! For 2019 businesses are required to send a 1099-MISC to report payments to unincorporated vendors for services that total over $600. If you need these forms prepared, we can help!  Having the vendor fill out a W-9 form is the easiest way to gather information come tax time. View and download this new form for free!