WageFiling, LLC recently announced a change to the way non-employee compensation is reported. Up until now, businesses have used Form 1099-MISC to report calendar-year payments that have exceeded $600 to non-employees who performed business services. This includes independent contractors, freelancers, and consultants.

The new Form 1099-NEC will be used to report payments made to non-employees who performed business services. The 1099-MISC will still be used for other traditional uses. For electronic filing, the deadline for Form 1099-NEC is January 31 and the deadline for Form 1099-MISC is March 31.

This CPA Practice Advisor article discusses this new form and what companies can expect. Click HERE to access original content.

Please do not hesitate to reach out to our office with questions regarding the 1099-NEC or the 1099-MISC.