As the new year approaches, we will soon find ourselves closing in on the 1099 filing deadline. If you made payments in the course of a trade or business during 2020, you may need to file 1099s to report those payments. The deadline for filing these forms is February 1, 2021.
For tax year 2020, certain payments that were reported on Form 1099-MISC have now been moved to a new form, 1099-NEC. This new 1099-NEC form will include payments that were reported as non-employee compensation in box 7 on prior year 1099-MISC forms. Click here for a more detailed look at what payments are required to be reported on each form for the 2020 tax year.
If you have any additional questions about filing 1099s, please reach out to Shelby Graham in our Accounting Services department.