Sovos has launched a NEW 1099-NEC & Direct to State Reporting Service offering to help our clients stay compliant this tax season.
The IRS has released the 2020 version of Publication 1220. One of the most notable changes is that Form 1099-NEC (Non-employee Compensation)—which was previously reported on Form 1099-MISC utilizing Box 7—will not be included in the Combined Federal/State Filing (CFS) program. This means that for tax year 2020 there will be no mechanism for the reporting of non-employee compensation from the IRS to state governments.
Never fear, Sovos has you covered! Download this webinar recording to learn about:
- The latest regulatory changes and updates around Form 1099-NEC and direct to state reporting obligations
- Our new 1099-NEC Direct to State Reporting Service Offering
- Summary of the new service offering
- Process, requirements and benefits
- The TIR-Corporate upgrade required for this offering, and the simple upgrade process