This year, you have a new informational form to submit to the IRS at the end of the year. It's called 1099-NEC. This new form is intended just for Nonemployee Compensation (NEC) vendors and is used by businesses to send to the IRS and to the vendors. This week, I am going to share the high-level details to help you add this task to your to-do list. Who should get this? A nonemployee compensation that made at least $600 in the entire year.Services performed by someone who is not your … [Read more...] about What is the 1099-NEC form?
Creating a Small Business 1099 tracking sheet for your 1099s will make your process easier at the beginning of the year for the prior year. This week, we are sharing how to create this tracking sheet to add to your small business end of year tasks. First, have a software application and track the vendors. Place all the Nonemployee Compensation recipients in a vendor account for 1099-NEC. And, all the other 1099-MISC recipients in a vendor account for 1099-MISC. Your tracking software may … [Read more...] about Making A Small Business 1099 Tracking Sheet