October 2020: More on 1099-NEC

October 31, 2020

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Test Your 1099-NEC Knowledge

If you’ve kept up with the significant changes the IRS has made to 1099 forms for 2020, this quick quiz should be a breeze. But even if you’re a bit behind the curve, no worries—we point you to resources to help get you ready.

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State Reporting Tips for 1099-NEC

The IRS threw 1099 payers a curveball this year—the new Form 1099-NEC isn’t part of the Combined Federal/State Filing Program the way the 1099-MISC is. That means you need to be ready to report these amounts to the states yourself. We offer you a few tips to prepare.

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NOW AVAILABLE: 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 avoid costly delays and fines.

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Live 1099 Training: Payment Reporting Specialist

This year’s 1099 season and year end are going to be especially challenging. Be prepared with Live, Online training from IOFM this fall. Our popular Payment Reporting Specialist Certification (CPRS) course will be offered on Friday, November 13th, and will offer direct access to an expert IOFM trainer.

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When Should You Send a 1099?

Before you even get into the details of preparing your 1099s, you need to know which vendors get them and what things to report. This brief covers the basics of 1099 reporting and tells you how to avoid the trouble caused by making an incorrect assumption that a payee is exempt.

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Webinar: Paving the Road from Recovery to Scalability

Be sure to catch next Tuesday’s webinar, where we’ll discuss why now may be the best time to automate AP processes and how the right solutions can position your company for growth.

 

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