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 ...

If you're a contractor, freelancer or another type of self-employed individual, you'll likely need to file IRS Form 1099-MISC. This form is used to report non-employee compensation, and it is part of ...

Oli joined the Latest News team in 2021, taking an interest in economics, world news, and articles that build from his study of history. He also dabbles in sports writing, joining the coverage of the ...

If your business pays nonemployee compensation and other reportable payments, you must be aware of two forms: Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC.

A 1099 form is a document that businesses use to report various types of government payments to both the IRS and payees. This includes payments for services, dividends, interest, rents, royalties, and ...

Starting in 2020, companies that pay at least $600 for services performed by someone who is not their employee are required to use the new Form 1099-NEC to report the nonemployee compensation. The ...

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to ...

Incorrect IRS Forms 1099 are a worry, since Forms 1099 generally saddle you with income you have to report. Of course, if you have income, you must report it, whether or not you receive a Form 1099.

I may not be the first to tell you, but don’t forget about an additional benefit of the 870-page One Big Beautiful Bill Act passed in July. As prize promotion sponsors and administrators know, an IRS ...