Form 1099-NEC and Form 1099-MISC

Form 1099-NEC and Form 1099-MISC Prior to tax year 2020, businesses typically filed Form 1099-MISC to report payments totaling $600 or more to a nonemployee for certain payments from the trade or business. These payments generally represent nonemployee compensation and, up until now, would typically appear in Box 7 of 1099-MISC. Beginning with tax year…