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1099-NEC Update for 2025: Golden Parachute Payments
November 13, 2025
Q. I read that a 1099 change for 2025 is that excess golden parachute payments will now be reported on the 1099-NEC instead of the 1099-MISC. If my company does not report any payments in this category, then do we need to implement the necessary 1099 software patches/updates to our system? Can we still send out 1099-MISCs with this box listed on it if we aren't reporting any payments in this category?
A.
(Answered by IOFM's third-party tax expert)
It is correct that excess golden parachute…
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