Opinions expressed by Forbes Contributors are their own. Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-NEC, Nonemployee Compensation. The IRS has ...

Here’s a crash course for each type of form, followed by an FAQ. 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. “NEC” stands for “non-employee ...

That should tell you about each IRS Form 1099 issued to you. The 1099-NEC form tips off the IRS to collect self-employment taxes, in addition to income tax. In fact, apart from wages, whatever you ...