Avoid These Common Errors for Form 1099-MISC

crumpled paper trash can - common errors for form 1099-misc

Preparing Forms 1099-MISC 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-MISC. So, you have already: Determined who must receive a Form 1099-MISC, Collected your business taxpayer information, Sent for and retrieved your payee information … Read more

Who Receives a Form 1099-MISC?

Typing Desk - Form 1099-MISC

Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as rents, prizes and awards, and other income payments. Prior to tax year 2020, Form 1099-MISC was used to report nonemployee compensation amounts in box 7. The most recent versions of this form do not have a box for nonemployee compensation … Read more

File and Distribute Form 1099

File and Distribute Form 1099

Several parties will require copies of Form 1099. This is how printed copies should be distributed: Copy A → IRS Copy 1 → State Tax Department Copy B → Recipient Copy 2 → Recipient to File w/ State Income Tax Return Copy C → Payer Copy (for your records) When you e-file your 1099 forms with … Read more

Mastering Form 1099-NEC: The Essential Guide

1099-NEC

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

Mastering Form 1099-MISC: The Essential Guide

Person working

IRS Form 1099-MISC, introduced in 1918, is a type of 1099 used to report various types of miscellaneous income. Prior to Tax Year 2020, Form 1099-MISC reported non-employee compensation in box 7. Now, non-employee compensation has its own form: the 1099-NEC. This form is issued by the payer, or known as a business, and given … Read more