January 19, 2021
Dear WZ Clients, Business Associates and Friends,
NEW FORM 1099-NEC REPLACES FORM 1099-MISC BOX 7
The filing deadline to file Forms 1099 is January 31st. As a reminder, the IRS released a new reporting form, Form 1099-NEC to report nonemployee compensation. In past years, such amounts were reported on Form 1099-MISC, box 7. We urge everyone preparing Forms 1099 to ensure you are properly using form 1099-NEC to report these amounts. Other amounts previously reported on Form 1099-MISC (such as rent payments) will continue to be reported on that form.
For more information, please review the instructions provided by the IRS (https://www.irs.gov/instructions/i1099msc) to confirm payments are properly reported.
Should you need further assistance, please do not hesitate to contact us.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE