Move Over 1099-Misc, The IRS Has Released A New 1099-NEC Form For 2020

The IRS has released a new form for the tax year 2020 - Form 1099-NEC - which you will need to become familiar with. This Client Alert will provide you with some general guidelines and resources to help you determine which form you need to file. It will also address questions that we often receive from clients.

REPORTABLE PAYMENTS

You will still be required to file Form 1099-MISC for payments in the amount of $600 or more (unless otherwise noted) made in the course of your trade or business (including not-for-profit organizations) that are related to the following items:

• Prizes and awards (does not include amounts paid to employees);
• Rents;
• Royalties ($10 or more);