The IRS recently updated Form 1099-NEC (Nonemployee Compensation). Beginning with tax year 2025, excess golden parachute payments to non-employees will be reported in Box 3 of Form 1099-NEC. Previously, excess golden parachute payments were reported in Box 14 of 1099-MISC and Box 3 of 1099-NEC was reserved for future use. The Form 1099-NEC revision date has been updated to April 2025. Copy A has had editorial changes to the right margin.
Form 1099-NEC can be found here.
