You only have until January 31, 2023 to send 1099-NEC (Nonemployee Compensation) and 1099-MISC (Miscellaneous Income) forms. Missing this deadline may result in penalties.
What is 1099-NEC and 1099-MISC?
The 1099-NEC is used to report payments of $600 or more made to independent contractors or freelancers. The 1099-MISC is used to report various types of miscellaneous income totaling $10 or more.
Don't worry about navigating tax compliance on your own. Our tax professionals are here to help you stay compliant with all laws and regulations. Contact us for assistance.
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