1099-NEC Basics—Q&A

IOFM’s webinar, Your Top 1099-NEC Questions Answered, addressed many questions members have about the 1099-NEC form introduced in 2020. What gets reported on this form, and how are the individual states dealing with the changes? Marianne Couch, principal of COKALA Tax Information Reporting Solutions, answered some of these basic questions. 1099-MISC vs. 1099-NEC Should everything that used to go in Box 7 of the 1099-MISC form now should appear on the 1099-NEC form instead? Couch said,…