There are penalties for missing the deadline for the new 1099-NEC form and updated 1099-MISC for both tax filers and businesses.

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Tax Form 1099-misc on a white background. Self-employment tax can ...

of 1099 forms, but fortunately, most small business owners only need to worry about a few. Failure to file these forms and send them to taxpayers can result in fines, so it’s important to understand ...

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-NEC and 1099-MISC. The IRS has reintroduced ...

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to ...

If you made money from freelancing or gig economy work in 2020, you will receive a new tax form by February 1, 2021—Form 1099-NEC. This replaces Form 1099-MISC, which companies have to send when you ...

The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used.