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  • 1099

    From Stuart O. Bronstein@21:1/5 to All on Wed Jan 18 13:36:52 2023
    Hi Everyone -

    What exactly is the difference between a 1099-NEC and 1099-Misc? I
    read the instructions, but it seems to me that they're treated the
    same. Sorry, I don't get it.

    Thanks for any information you have.

    --
    Stu
    http://DownToEarthLawyer.com


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  • From ira smilovitz@21:1/5 to Stuart O. Bronstein on Wed Jan 18 14:56:58 2023
    On Wednesday, January 18, 2023 at 1:38:19 PM UTC-5, Stuart O. Bronstein wrote:
    Hi Everyone -

    What exactly is the difference between a 1099-NEC and 1099-Misc? I
    read the instructions, but it seems to me that they're treated the
    same. Sorry, I don't get it.

    Thanks for any information you have.

    --
    Stu
    http://DownToEarthLawyer.com


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    1099-NEC replaces the old box 7 on a 1099-MISC.

    Ira Smilovitz, EA
    Leonia, NJ

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    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Stuart O. Bronstein@21:1/5 to ira smilovitz on Wed Jan 18 21:24:44 2023
    ira smilovitz <ira.smilovitz@gmail.com> wrote:
    Stuart O. Bronstein wrote:

    What exactly is the difference between a 1099-NEC and 1099-Misc?
    I read the instructions, but it seems to me that they're treated
    the same. Sorry, I don't get it.

    Thanks for any information you have.

    1099-NEC replaces the old box 7 on a 1099-MISC.

    Got it. Thanks Ira.

    --
    Stu
    http://DownToEarthLawyer.com


    --
    This email has been checked for viruses by AVG antivirus software.
    www.avg.com

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Adam H. Kerman@21:1/5 to Stuart O. Bronstein on Thu Jan 19 12:17:06 2023
    Stuart O. Bronstein <spamtrap@lexregia.com> wrote:

    Hi Everyone -

    What exactly is the difference between a 1099-NEC and 1099-Misc? I
    read the instructions, but it seems to me that they're treated the
    same. Sorry, I don't get it.

    Thanks for any information you have.

    1099-NEC was introduced for the calendar year 2020 information return
    reporting cycle. The layout is identical to the 1099-MISC in case you
    are still still filling in the fields using high-speed printers on
    pre-printed forms. I suppose they still work on IRS scanners.

    There had been a Form 1099-NEC in 1982. In 1983, the box to report
    non-employee compensation was added to 1099-MISC and the 1099-NEC was eliminated.

    That non-employee compensation was reported on 1099-MISC introduced the complexity given that the deadline for reporting non-employee compensation
    was January 31 but the deadline for reporting anything else on the
    1099-MISC was February 28.

    Historical information came from this article.

    https://www.forbes.com/advisor/taxes/received-form-1099-nec-instead-of-form-1099-misc/

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)