The IRS recently released an updated version of Form 1099-MISC, which is used to report a multitude of payment types including rents, royalties, attorney payments, and other income payment types. Beginning with tax year 2025, the excess golden parachute payments will no longer be reported in Box 14 of Form 1099-MISC, but instead in Box 3 of Form 1099-NEC. Box 14 is now reserved for future use.
To review Form 1099-MISC in greater detail, click here.
