2020 - 1099 Forms: What You Need to Know

Posted by George Chahinian on January 26, 2021

Did you know that there have been changes to the 1099 Forms starting in 2020? Fortunately, these are changes that shouldn’t be difficult to deal with.

Starting for the 2020 filing year, the IRS has introduced the 1099-NEC Form, which is to be used to report Non-Employee compensation, previously recorded on line 7 of the 1099-MISC Form. Currently, the definition of non-employee compensation refers to payments to individuals not on payroll, but rather on a contract basis to complete a project or assignment.

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Tags: Employment Tax, 1099-Misc, 1099, Taxes, 1099-NEC, IRS Form, 2020 IRS Form 1099