Maya & Associates’ technical service team has prepared this publication to facilitate its clients understanding the purpose, related changes and required information to file the IRS 2020 Form 1099s.
This publication highlights the key consideration including the following:
• Introduction of new Form 1099-NEC
• Changes in Form 1099-MISC
• Due Dates of filing Form 1099-NEC & 1099-MISC
Starting 2020, Direct Sellers are required to issue Form 1099-MISC when they sell at least $5,000 in consumer products for resale and Form 1099-NEC for nonemployee compensation payments, such as commissions of at least $600 paid to the same recipient. Two forms, one recipient.
IRS resurrected Form 1099-NEC for reporting nonemployee compensation payments and starting 2020, Form 1099-NEC will be used to report payments for Nonemployee Compensation paid during the year.
|Form||Recipient Due Date||IRS Due Date (Paper Filing)||IRS Due Date (Electronic Filing)|
|1099-NEC||January 31*||January 31*||January 31*|
|1099-MISC||January 31*||March 01||March 31|
*February 01, 2021 for 2020 forms since January 31, 2021 is a Sunday.Click here to download Pdf