New Form 1099-NEC
The IRS has changed the 1099 reporting requirements related to nonemployee compensation. Nonemployee compensation will now be reported on Form 1099-NEC rather than Form 1099-MISC.
As was the case under the old rules, only payments for services of $600 or more require a 1099-NEC. If the recipient is taxed as a corporation, the 1099-NEC is generally not required. A full list of what should be reported as nonemployee compensation can be found on the IRS website at https://www.irs.gov/pub/irs-pdf/i1099msc.pdf.
The due date for filing Form 1099-NEC is January 31st (February 1st this year due to the 31st being on a Sunday).
Contact your Copeland Buhl representative if you have questions on the new 1099 reporting requirements.