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IRS form 1099-NEC replaces 1099-MISC for contractors

 
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Mike Harrison
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Joined: 03 Nov 2007
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Location: Equidistant from New York City and Philadelphia, along the NJ Shore
PostPosted: Tue Aug 09, 2022 11:30 am    Post subject: IRS form 1099-NEC replaces 1099-MISC for contractors Reply with quote
This change was made in 2020, apparently, but I just learned today that the IRS has resurrected an old form for reporting the income of independent contractors. Earnings will appear on the form 1099-NEC in box 1: "Nonemployee compensation."

My tax guy says not to be surprised if we still receive a 1099-MISC; the income reported on each form is assessed the same way.
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