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.
Study for the Enrolled Agent Exam with our online study material. We have recently expanded the material that is available for your use. We now offer 30 video lessons, and online flashcards. However, the heart of our study material continues to be over 1,400 online questions that contain answers and complete explanations.