January 2021: Form 1099-NEC Briefing

February 11, 2021

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What Are the Basics?

As we head into the final month of prep for IRS forms reporting non-employee income, organizations are scrambling to meet the filing requirements. In a recent webinar, our tax experts addressed a few 1099-NEC fundamentals.

 

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The Filing Process

What’s the best way to file multiple types of 1099s with the IRS, and what should you do about state filing in the absence of published requirements? While there’s still a lot of uncertainty, here are a few recommendations.

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Report if No Withholding?

A Member asked whether she needs to file 1099-NEC forms with states for which there was no withholding. Our tax experts weigh in on whether this is necessary and how to determine whether you have nexus in a particular state.

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Notifying Your Vendors

Some vendors probably won’t have heard about the change from Form 1099-MISC to 1099-NEC for non-employee compensation payments. Consider sending out a letter in January that explains the change.

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MEMBER RESOURCE: 2020 Master Guides to Compliance

Every year, IOFM’s compliance experts publish the industry’s most comprehensive guides to 1099 and 1042-S compliance. This year’s editions include significant updates related to 1099-NEC, 1099-MISC and much more. The guides will help you avoid costly delays and fines.

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