Get Ready for the New Form 1099-NEC & Filing Requirements!

The IRS has accelerated the due date for filing Form 1099, that includes nonemployee compensation (NEC), from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Beginning with tax year 2020, use Form 1099-NEC to report nonemployee compensation.

If you need an extension, be sure to file Form 8809 for a 30-Day extension.

What Should You File on the "NEW" Form 1099-MISC

For each person in the course of your business to whom you have paid the following during the year:

• At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
• At least $600 in:
  1. Rents (box 1);
  2. Prizes and awards (box 3);
  3. Other income payments (box 3);
  4. Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3);
  5. Any fishing boat proceeds (box 5);
  6. Medical and health care payments (box 6);
  7. Crop insurance proceeds (box 9);
  8. Payments to an attorney (box 10) (see Payments to attorneys, later);
  9. Section 409A deferrals (box 12); or
  10. Nonqualified deferred compensation (box 14).