Tax form 1099

Action required for tax form 1099 filers

Action required for tax form 1099 filers

Effective for tax year 2020, the IRS has changed guidelines for reporting non-employee compensation on form 1099. The government has brought back form 1099-NEC to report non-employee compensation. If you need to file both the 1099-NEC and the 1099-MISC, you may need to update your chart of accounts in QuickBooks. Please review this post for detailed steps you must complete prior to completing 1099 forms for tax year 2020.