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US Form 1099-NEC and 1099-MISC
January 24, 2022
For January 31st, consider your U.S. reporting requirements for Form 1099-NEC for Non-Employee Compensation. As a business owner, you may also have an obligation to file Form 1099-MISC (Miscellaneous Information) by February 28 (or March 31 if filed electronically) for certain payments over $600 USD for rents, prizes and awards, gross proceeds paid to an attorney, nonqualified deferred compensation, etc. made in the course of your trade or business. U.S. and Canada have their own nuances in their classification between employee vs. contractor; misclassification has consequences.
IRS targets your side hustle in crackdown on transactions over $600 | Accounting Today

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