The IRS recently released an updated version of Publication 1179 for tax year 2020. Publication 1179 provides general rules and specifications for printed substitute forms including Forms 1096, 1098, 1099, 5498, and certain other information returns.
The highlight of the changes to this publication involve the addition of Form 1099-NEC, which was resurrected for reporting purposes beginning with TY 2020. Rules and specifications were added for creating substitute form 1099-NEC print copies, most notably of which involves composite forms. Specifically, the 1099-NEC may not be included in a composite form with any of the currently permissible forms, including the 1099-MISC. As such, filers must create 1099-NEC print and recipient copies seperate from all other form types.
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