Brand new for 2020 is the 1099 NEC form. In the IRS's infinite wisdom, they have chosen to split out the Non-Employee Compensation reporting to its own form with a due date of January 31st. This form replaces the box 7 reporting on the 1099 Misc form. All other forms of income on the 1099 Misc form are due on March 31st.
All reporting requirements remain the same. There is no difference in how the form is completed however there are some differences in how Attorneys fees are handled. There is a distinction in Payments (Non Employee Compensation) vs Proceeds paid to an Attorney and they are reported on either the NEC or the MISC. Please go here for more information.
