1099-Misc and 1099-NEC Reporting Rules in a Nutshell

Note: Beginning with the 2020 tax year, Form 1099-NEC ("nonemployee compensation") has replaced Form 1099-Misc for payments to subcontractors. Form 1099-Misc remains in use for payments to attorneys and landlords. Businesses that have a Form 1099-Misc or 1099-NEC reporting requirement must issue the forms to recipients by January 31. Here is a brief summary [...]