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 ACCOUNTING FORMS 1099 MISC and 1096 UAN Has Updated the 2014

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hi my name is audra wilson russell i'm the owner of watch cpa firm and today we're talking about the fallon requirements for form 1099 miscellaneous as well as the new 1099 nec okay let's jump right into it beginning your tax year 2020 businesses are now required to file non-employee compensations on form 1099 nec they are no longer reporting those payments on 1099 miscellaneous and this is what you this is the new 1099 miscellaneous as you can see box 7 no longer has the non-employee compensation businesses will now report that on 1099 nec and this is the new form again starting with tax year 2020 and they will report those amounts in box one of this form so who must filed a 1099 miscellaneous if you paid more than ten dollars in royalties or at least six hundred dollars in rents prizes awards other income medical and health care payments payments to attorneys and we'll speak more about the attorneys those types of payments are still reported on 1099 mi

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