The 1099-NEC will replace box seven on Form 1099-MISC. This means the 1099-NEC will be the new form for reporting nonemployee compensation for services amounting to $600 or more. As a result, this form will have a massive impact on all types of businesses and their 1099-MISC reporting processes including:
- Organizations issuing vendor payments for services rendered
- Gig-economy companies issuing payments to independent contractors for services rendered
- Insurers issuing payments for claims serviced
Download the recording of our free 1099-NEC webinar and learn:
- how to read and report Form 1099-NEC
- how the 1099-NEC impacts 1099-MISC reporting, backup withholding and state reporting
- how to update your 1099-MISC and 1099-NEC reporting processes and prevent errors