The IRS has moved tax information reporting of nonemployee compensation payments from box 7 of Form 1099-MISC to the new Form 1099-NEC beginning with payments made in 2020, on Forms 1099-NEC due to the IRS by January 31, 2021. Payers need to review their procedures and systems to ensure that payments made throughout 2020 can flow onto the new 1099-NEC for year-end reporting. Learn all about the new 1099-NEC and how to prepare for it:
- 1099-NEC explained box-by-box
- Reportable payments: examples of what’s reportable; reporting threshold
- Backup withholding of federal income tax
- Updates to your procedures and systems
- Identify the IRS reporting requirements for the first year of filing the new Form 1099-NEC tax information return.
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, is a Principal in the Cokala tax group and an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance, The Master Guide to Form 1042-S Compliance and numerous published articles. Prior to co-founding Cokala in 2007, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions.
Marianne was an appointee for three years to the IRS Commissioner’s Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
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