Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.
IRS Introduces Form 1099-NEC for Nonemployee Compensation
![](https://www.landmarkcpas.com/wp-content/uploads/2022/12/Form-1099-NEC-RS-1024x640.jpg)
Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.