What is the 1099-NEC Form?
The 1099-NEC (Nonemployee Compensation) was reintroduced by the IRS in 2020 after having been discontinued in 1982. Its purpose is to report payments made to non-employees, typically independent contractors or freelancers, for services rendered. Key Uses of the 1099-NEC: Example: If you paid a graphic designer $1,500 for their services in 2024, you would issue them a […]