New IRS Draft for Form 1099 for 2020 Payments

The IRS has recently released a draft of a new form, Form 1099-NEC, which will be used to report payments for Nonemployee Compensation paid in 2020. Payments made prior to 2020 have previously been made using Form 1099-MISC, box 7, Nonemployee Compensation (NEC).

The IRS cautions that this early release draft may be subject to change. ECFA will continue to monitor any updates.

View the draft form here: https://www.irs.gov/pub/irs-dft/f1099nec--dft.pdf


This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.

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