Stuart O. Bronstein <
spamtrap@lexregia.com> wrote:
Hi Everyone -
What exactly is the difference between a 1099-NEC and 1099-Misc? I
read the instructions, but it seems to me that they're treated the
same. Sorry, I don't get it.
Thanks for any information you have.
1099-NEC was introduced for the calendar year 2020 information return
reporting cycle. The layout is identical to the 1099-MISC in case you
are still still filling in the fields using high-speed printers on
pre-printed forms. I suppose they still work on IRS scanners.
There had been a Form 1099-NEC in 1982. In 1983, the box to report
non-employee compensation was added to 1099-MISC and the 1099-NEC was eliminated.
That non-employee compensation was reported on 1099-MISC introduced the complexity given that the deadline for reporting non-employee compensation
was January 31 but the deadline for reporting anything else on the
1099-MISC was February 28.
Historical information came from this article.
https://www.forbes.com/advisor/taxes/received-form-1099-nec-instead-of-form-1099-misc/
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)