The IRS has released a draft of Form 1099-NEC. This is not a new form altogether as it was last in use in the 1980s. This new release was motivated by the PATH Act of 2015 which established a different due date for the reporting of non-employee compensation (NEC) than the requirement for other kinds of payments typically reported on Form 1099-MISC. This created an uncomfortable situation as there were different due dates for items reported on the same form. The usage of Form 1099-NEC in the future should help resolve this situation.

Click here to see the draft.

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