How to Complete IRS Form 1099-NEC for an Independent Contractor
Form 1099-NEC is filed by individuals or entities that are engaged in trade or business, and make payments to contractors in the ordinary course of their trade or business.
The 1099-NEC reports nonemployee compensation to an individual or entity if the total payments exceed $600 during the tax year.
Personal payments are NOT reportable. In this video, I discuss a common fact pattern where a business makes a payment to a contractor in the course of its business, and how to complete Form 1099-NEC.
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#IRS #1099NEC #Form1099
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.
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