1099-NEC vs. 1099-MISC, What is the Difference?

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1099nec 1099-nec 1099misc 1099-misc 1099-nec vs 1099-misc what is 1099-nec? irs irs form tax year 2020 2020 taxes 2020 tax season

In this video we discuss the new 1099-NEC form which goes into affect 2021 for the 2020 tax year. We will discuss:
1. What is the Form 1099-NEC?
2. What is the threshold for filing a 1099-NEC?
3. When are 1099s due?
4. Are there any exemptions to filing a 1099-NEC or 1099-MISC?

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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED

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