1099-MISC vs 1099-NEC: The Comprehensive Comparison Guide

October 23, 2024October 10, 2024 by Michaela Porterfield

Most individuals are familiar with Form 1099-MISC, so what is this new Form 1099-NEC? We’re here to outline the differences and give you the information you need to determine which forms to file. What is the Form 1099-NEC? Form 1099-NEC was reintroduced in 2020. It’s based on an older version of the form that hasn’t … Read more

Prepare Form 1099-NEC for IRS Reporting

October 22, 2024September 12, 2024 by Ken Ham

Working beside laptop - Prepare Form 1099-NEC

Once you are ready to begin your tax filing, you must gather the required information to prepare Form 1099-NEC. This includes information for the business, or payer, and recipient, or payee, as well as the amounts paid to the recipient. Form 1099-NEC is used to report nonemployee compensation amounts to the IRS. A nonemployee is … Read more

Avoid These Common Errors for Form 1099-NEC

October 21, 2024June 28, 2024 by Ken Ham

broken ceramics - Common Errors for Form 1099-NEC

Preparing Forms 1099-NEC can be difficult, but we are here to help simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-NEC. A Brief History To reduce errors for Form 1099-NEC, it is important to know what this form is and how it is used. … Read more

Who Receives Form 1099-NEC?

October 23, 2024June 27, 2024 by Ken Ham

What is Form 1099-NEC? Form 1099-NEC is used to report nonemployee compensation amounts to the IRS. A nonemployee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Alternatively, if you need to report income amounts made by employees, then you should use … Read more

Mastering Form 1099-NEC: The Essential Guide

October 21, 2024June 6, 2024 by Michaela Porterfield

Form 1099-NEC is used to report non-employee compensation amounts to the IRS. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Learn more about determining who should receive a Form 1099-NEC by navigating to our article “Who receives a Form … Read more

IRS Form 1099-NEC Guide for 2024 (TY2023)

October 17, 2024November 20, 2023 by Ken Ham

When preparing Form 1099-NEC filings, it is important that you know what information you need to gather. We’ve compiled the following 4 key topics in our Form 1099-NEC Guide that may help you to correctly and timely complete your filing. What’s new for Form 1099-NEC? Beginning in Tax Year 2023, the electronic filing threshold has … Read more

1099 E-File: Early Sneak Preview of the IRS IRIS System

August 15, 2024December 14, 2022 by Ken Ham

close up of iris. a way to symbolize the IRS iris system

On December 12, 2022, the IRS released early system specifications for the latest version of the Information Return Intake System, or IRIS, which is its e-file system for 1099 e-file information returns. This online system was made so that end users can e-file 1099 returns for free using a standard CSV file format or an … Read more

Who Receives Form 1099-NEC? – TY 2021

May 18, 2023April 13, 2021 by Ken Ham

An individual who is a nonemployee, or an independent contractor, receives Form 1099-NEC. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. The IRS instructs that a Form 1099-NEC, Nonemployee Compensation, must be completed each person who, in the previous … Read more

Avoid These Common Errors Form 1099-NEC – TY 2021

May 18, 2023April 13, 2021 by Ken Ham

There are many common errors Form 1099-NEC, so we have compiled this list to help ensure that you don’t make them. So, you have already: Then, it sounds like you are ready to complete and file your 1099-NEC forms. However, before you press that print or e-file button, take a moment to review your information … Read more

Common Errors for Form 1099-NEC – TY2020

May 18, 2023December 11, 2020 by Ken Ham

There are many common errors for completing forms 1099-NEC preparation. We know preparing Forms 1099-NEC can be difficult, but we are here to help simplify things! So, you have already: Then, it sounds like you are ready to complete and file your 1099-NEC forms. However, before you press that print or e-file button, take a … Read more

Form 1099-NEC: Who Should Receive a Form?

May 18, 2023December 11, 2020 by Ken Ham

Form 1099-NEC is used specifically to report payments to non-employees. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies.

Prepare Form 1099-NEC – Gathering Information TY 2020

May 18, 2023December 11, 2020 by Ken Ham

Gather Information to Prepare Form 1099-NEC

We know that it can be difficult to prepare Form 1099-NEC, but we are here to help simplify things!

Before you prepare your forms 1099-NEC, you will need to gather the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient.

Preparing Form 1099-NEC: TY2020 Guide

May 18, 2023December 8, 2020 by Ken Ham

When preparing Form 1099-NEC filings, it is important that you know what information you need to gather. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your Form 1099-NEC. What’s New for 2020? The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) … Read more