Why The IRS Requires the Updated 1099-NEC Form for Contractors

It’s that time of year that every small biz owner dreads- tax time! Unfortunately this year, there are some new tax forms that every small business will need to use.

On the Small Business Radio Show this week, Jaime Lizotte, the Tax Compliance Solutions Manager at efile4Biz discusses the new tax form on the block, the 1099-NEC and who needs to get one.

Jaime Lizotte on IRS 1099-NEC Form

According to Jaime, the IRS reintroduced the 1099-NEC for all non-employee service compensation to replace box 7 on the traditional 1099-MISC form. The 1099 form can still be used for

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