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.
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.