1099-NEC Quick Quiz

October 2, 2020

If you attended IOFM’s recent webinar, “Form 1099 Year-End Changes for 2020 including NEW Form 1099-NEC,” you should be able to easily answer the following quiz questions: 1. What does the acronym NEC stand for? --------------------------------------------------------------- 2. Which types of organizations are exempt from being reported on Form 1099-NEC? (Select all correct answers) A. Corporations providing legal services B. Government payees …