Federal tax
Form 1099-NEC
Form 1099-NEC is the IRS information return a business files to report payments of nonemployee compensation, such as fees paid to an independent contractor.
A business uses Form 1099-NEC to report what it paid an independent contractor for services. The contractor is not an employee, so there is no Form W-2 and no withholding. The business sends a copy to the contractor and a copy to the IRS.
To fill out the form, the business needs the contractor's name, address and tax ID. A Form W-9 collects those details. Paper filers also send Form 1096. The small business accounting page covers year round records and filing steps.
Related terms
Sources
Talk to Wallace CPA
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.