What is the difference between Form 1099-MISC and Form 1099-NEC?
Form 1099-MISC and Form 1099-NEC are both IRS forms used to report income paid to individuals or businesses other than wages or salaries, but they have different specific purposes. Form 1099-NEC (Nonemployee Compensation) Purpose: Primarily used to report payments of $600 or more to independent contractors and freelancers who are not employees of the business. […]
