What is 1099-NECWhat is 1099-NECWhat1099NEC – Nonemployee compensation formWho-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.WhenBy January 31st of each year for the prior calendar yearHowFiling online using the accounting software or mail to IRS and mail a copy to the vendorWhyIncome tax or social security and Medicare tax weren’t withheld from the payment transactionWhatch this video to understand moreInfo was taken from official IRS website – https://www.irs.gov/forms-pubs/about-form-1099-necShare This Story, Choose Your Platform!FacebookTwitterRedditLinkedInWhatsAppTumblrPinterestVkEmail