The IRS decided to create a separate form to report the Box 7 revenue. Form 1099-NEC is not a replacement for Form 1099-MISC. Form 1099-NEC is only replacing the use of Form 1099-MISC for reporting independent contractor payments.
The NEW 1099 NEC and Common 1099’s
The NEW IRS Form 1099 NEC
The IRS decided to create a separate form to report the Box 7 revenue. Form 1099-NEC is… https://www.aatrix.com/news/2020/10/new-1099-nec-and-common-1099s/
Find out everything you need to know about the new IRS 1099 NEC Form. Payroll departments need to know this new information on the New 1099 NEC Form.
Why Did The IRS Make The New 1099 NEC Form?
As you would expect this caused some confusion for many businesses.
The reason there was an issue with 1099-MISC Box 7… https://www.aatrix.com/news/2020/05/why-did-irs-make-new-1099-nec-form/