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?
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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
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