1099-MISC or 1099-NEC?
The IRS has created a new 1099 form for tax year 2020. The new form 1099-NEC is used to report non-employee compensation. In the past, non-employee compensation had been reported in box 7 of Form 1099-MISC. Form 1099-MISC has been redesigned for 2020 due to the new form 1099-NEC. Which form to use? Use form…
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