New IRS Rules for Reporting Non-Employee Compensation

On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for Non-Employee Compensation), a form last used by the IRS in 1982. READ MORE