Month: July 2020

There’s a new IRS form for business taxpayers that pay or receive non-employee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Non-employee Compensation. Payers are to report any payment of $600 or more to a payee. UPDATE: the new 1099-NEC Form has been revised. Why The New Form? Prior to 2020, Form … Continue reading “Businesses: Get ready for the new Form 1099-NEC”