True" if you work as an independent contractor or a freelancer or maybe you hire them in your business. Form 1099-NEC (Non-Employee Compensation) is required by the IRS to report payments made to non-employees, including freelancers, independent contractors, and sole proprietors who provided a service during the tax year. Hi and welcome to my channel! My name is Lina, I'm a CPA, and in today's video, I will walk you through everything you need to know about issuing a 1099 to your contractors. Please give this video a thumbs up and also subscribe to my channel so you don't miss out on future videos. What is Form 1099-NEC? Form 1099-NEC, or Non-Employee Compensation, is part of the 1099 series of information returns. You may have heard of 1099-B for broker-dealers or miscellaneous, which is issued to report interest and income earned, and 1099-G, which stands for government and is used for payments received from the government, such as unemployment compensation. For example, the IRS requires business owners to report payments to non-employees on Form 1099-NEC. Previously, the IRS required this reporting to be included on Form 1099-MISC, and now we have a separate form for reporting non-employee compensation. So, what exactly is non-employee compensation? Per the IRS, non-employee compensation is any payment to an independent contractor who provides a service for your business. This payment can include fees, commissions, some type of prizes, awards, and other forms of compensation. These types of payments are treated differently by the IRS than regular payroll. When you hire an independent contractor, you are not responsible for withholding income taxes, social security, or Medicare taxes from their compensation. Your contractor is responsible for paying those taxes out of their own income. This is part of the employer-employee relationship that simply doesn't exist between you and your contractor. So, when do...
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Missouri online W9 Form 2022: What You Should Know
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