Stay updated with breaking news from State Filing Program. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly...
To print this article, all you need is to be registered or login on Mondaq.com. The Internal Revenue Service (IRS) has introduced a new form to report compensation paid to nonemployees. For tax year 2020, taxpayers must now use Form 1099-NEC to report payments for services of $600 or more made to nonemployees in the ordinary course of business. These payments were previously reported using Form 1099-MISC (the 1099-MISC will still need to be filed for other forms of payments such as royalties and rent). Nonemployees include independent contractors, third-party consultan...