If your business pays nonemployee compensation and other reportable payments, you must be aware of two forms: Form 1099-MISC and Form 1099-NEC. Many employers are likely familiar with Form 1099-MISC.

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.

Forbes contributors publish independent expert analyses and insights. Robert W. Wood is a tax lawyer focusing on taxes and litigation. This article is more than 3 years old. Closeup of Form 1099-NEC, ...

Tax season can be scary, but it doesn’t have to be. We can explain all the complicated documents and deductions, starting with the W-2 and 1099 forms for reporting your income. This content was made ...

Nobody becomes a business owner because they love all the paperwork. When tax season begins, though, extra paperwork is often a necessity. Along with your W-2 forms for employees, you may have to send ...

Disclaimer: Always consult a tax professional to ensure you understand your business tax obligations. This article compiles information directly from the IRS and is intended as a resource and not tax ...