IRS Form 1099-NEC for 2020 Tax Year

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Form 1099-NEC for 2020 Tax Year - An Overview

For the 2020 tax year IRS introduce New form for reporting non-employee compensation or independent contractors. The IRS has separated box 7 from Form 1099-MISC and introduce Form 1099-NEC for reporting nonemployee compensation of $600 or more paid to the
contractors for their service.

When is the Deadline for 1099 NEC Form?


The deadline for E-filing Form 1099-NEC for the Tax year 2020 is February 1, 2021.

Note: For 1099 NEC and 1099 MISC there are two different deadline

How to E-File 1099 NEC Form?

  • Create your Free account.
  • Enter necessary details asked in the 1099-NEC form.
  • Review & Transmit Form 1099-NEC to the IRS.
  • Distribute recipients copies by postal mail and Online Retrieval.

What are the penalties for 1099 NEC Forms?

It is necessary to file 1099-NEC with the IRS on or before the deadline. If you fail to do so, you are subject to late filing penalties, depending on how late you file it. Penalty rates that vary based on the size of your organization and how late your form is. The penalty amounts range from $30 to $1,500,000.

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