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 ...

The 1099-MISC form is also used to report any direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

Here's what a 1099 tax form is.For his part, Mark Luscombe, a principal analyst with Wolters Kluwer Tax & Accounting, said the most important issue with respect to Form 1099-MISC is that there is ...

While Form 1099-MISC is used to report … Continue reading → The post Form 1099-MISC vs. 1099-NEC appeared first on SmartAsset Blog.

If you're among the millions of taxpayers who owns a business or is self-employed, and you've made payments for the services you need to run your business, you may be required to send out a 1099-MISC.

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, ...

Form 1099-MISC While Form 1099-MISC is commonly used for reporting various payments, only amounts reported in Box 8 and Box 10 are subject to the February 18 deadline for recipient copy distribution.

California has sent out 6.4 million 1099-MISC forms to MCTR recipients who got at least $600, according to the Franchise Tax Board.