Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, ...

You might receive this document if you have freelance work, investment income, retirement distributions or other financial ...

Whether you're a business owner who relies on independent contractors or you make your living as a freelancer, understanding the difference between Form 1099-MISC and 1099-NEC is critical to ensuring ...

Making a certain amount of cash from pursuing a passion or by having your own side gig means you owe taxes, according to the Internal Revenue Service, but you won’t receive a W-2 form as you would ...

Disclaimer: Always consult a tax professional to ensure you understand your business tax obligations. This article compiles information directly from the IRS and is intended as a resource and not tax ...

The Internal Revenue Service has resurrected a form that hasn’t been used since the early 1980s, Form 1099-NEC, Nonemployee Compensation, with a draft version available for preview on its website.

While a 1099 can be issued for a variety of reasons, its most common use is to report non-employee compensation. Both C and S corporations can have employees who receive a W-2 statement and other ...

Starting in 2026, the IRS will require businesses to issue 1099-NEC forms only for contractor payments of $2,000 or more, up from $600, under the One Big Beautiful Bill Act. The change reduces ...

According to Forbes, it is important to check all 1099 forms before filing. Most come in late January or early February but some may come throughout the year. If a 1099 is missing or has an error, you ...