What is 1099-NEC
Whatch this video to understand more
Info was taken from official IRS website – https://www.irs.gov/forms-pubs/about-form-1099-nec
1099NEC – Nonemployee compensation form
-To send – Business who paid to nonemployee/vendor over $600 total in 2022 for services provided
-To receive – sole proprietor/LLC who provided the services to a business and has been paid by check/ACH/cash.
By January 31st of each year for the prior calendar year
Filing online using the accounting software or mail to IRS and mail a copy to the vendor
Income tax or social security and Medicare tax weren’t withheld from the payment transaction
Info was taken from official IRS website – https://www.irs.gov/forms-pubs/about-form-1099-nec
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