Do You Know Which IRS Form to File if You Paid Independent Contractors in 2020? (The Answer May Surprise You!)

Sponsored Post

If you’re a business that relied on independent contractors (ICs) for various services in 2020, you may assume you should file Form 1099-MISC like always. But wait! There’s a new tax form on the block – and you’re going to need to acquaint yourself with it to meet your tax reporting responsibilities.

Beginning with the 2020 tax year, Form 1099-NEC will replace Form 1099-MISC box 7 for reporting non-employee compensation, which includes payments to ICs.

Be Clear on When to Use Form 1099-NEC

To put it simply, the new 1099-NEC performs the exact same function as 1099-MISC box

…



from My reading List https://ift.tt/3lN6ksN

Comments

Post a Comment

Popular posts from this blog

2 Steps for a Career Change

by Michael Deane – https://www.qeedle.com Spruce Up Your Resume Even though relevant experience is beneficial, you can highlight initiatives and successes to help you change your career. Many employers are more than happy to invest in a job applicant purely based on their transferable skills. Managers really treasure transferable skills, so you will give yourself […] from My reading List https://ift.tt/39iC8mE
Read more

How to Navigate Your Career

Sponsors add value to your career in a deeper way than mentors. Here’s how to find the right person. By Sheryl Nance-Nash Women, especially women of color, face challenges when trying to successfully navigate the world of work alone. There’s nothing like having a mentor, but that’s just part of the equation. You need a sponsor too. “The glass ceiling has been talked about for many years, but for women of color, that ceiling often feels like it is made of steel. Black women graduate from college, enter the workforce, and start businesses at the highest rates of any … from My reading List https://ift.tt/2JJNbuh
Read more

These Are The Best Universities in Northern Ireland for International students, 2021

Northern Ireland is part of the United Kingdom and shares its borders with the Republic of Ireland. Offering a mix of the English and the Irish culture, Northern Ireland is a place where experiences are rich and myriad. It is an industrialized economy that offers significant career opportunities to those interested. However, today we are […] License and Republishing: The views expressed in this article These Are The Best Universities in Northern Ireland for International students, 2021 are those of the author Dr. Amarendra Bhushan Dhiraj alone and not the CEOWORLD magazine . from My reading List https://ift.tt/3lg5iVW
Read more