Payments of Nonemployee Compensation made during calendar year 2020, which were previously reported in Box 7 of Form 1099-Misc, are now required to be reported on Form 1099-NEC.
Below are important deadlines for each form:
- 1099-NEC: must be delivered to recipient by: February 1, 2021; Paper and e-filing deadline with the IRS: February 1, 2021.
- 1099-MISC: must be delivered to recipient by: February 16, 2021; Paper filing deadline with the IRS: March 1, 2021, e-filing deadline with the IRS: March 31, 2021
If you do not file your information returns timely, the IRS has implemented significant penalties for late filing and late providing of the 1099’s to recipients.