Form 1099-NEC is filed by individuals or entities that are engaged in trade or business and make payments to contractors in the ordinary course of their trade or business.
The 1099-NEC reports nonemployee compensation to an individual or entity if the total payments exceed $600 during the tax year.
Personal payments are NOT reportable. In this video, I discuss a common fact pattern where a business makes a payment to a contractor in the course of its business and how to complete Form 1099-NEC.
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#IRS #1099NEC #Form1099
8 ноя 2021
