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New 1099-NEC

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1099-NEC

If you hire a contractor in 2020, it’s important to know that the IRS has released a new form for reporting money your business pays to contractors. This new form, called the 1099-NEC, is short for Non-Employee Compensation and will replace “Box 7” on the 1099-Miscellaneous form.

⚠️ Be Aware: The 1099-NEC form is for reporting nonemployees payments made in 2020. If you are reporting payments made to nonemployees in 2019, use the 2019 version of Form 1099-MISC or file now.

It’s also important to keep in mind that the 1099 miscellaneous form will still be required for reporting other income such as rent, royalties, healthcare payments, etc., which means most businesses will have to file two separate forms.

If you are currently a business that is using box 7 on the 1099 miscellaneous, you will have to move that info to box 1 on the 1099-NEC for 2020.

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Sounds like a headache right?

The good news is you don’t have to worry about it if you file with WageFiling. As a Quality Supplier to the IRS since 1996, we have the 1099-NEC form ready to go! We have live updates sent to us from the IRS that we share with our customers and can even send you reminders when it’s time to file.

Get A Closer Look at Form 1099-NEC

Click the form below for more information of the critical Dos and Don’ts with Form 1099-NEC

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– Filer/Company is the Employer in the case of W-2 forms, and the Payor in the case of 1099 Forms. The Filer/Company is also sometimes called the Client. Filer is the company or person who paid the money and is responsible for filing to the IRS or SSA and responsible for IRS and SSA compliance activities.
– The Payee is the person, estate, trust, or other entity who received the money. The payee is also sometimes called the recipient or employee.
– e-Filing or electronic filing, means sending a copy of Form 1099 or W-2 to the IRS in a formless way using electronic transfer. Transmittal Forms 1096 or W-3 is never needed when e-Filing.