1099s including the new form 1099-NEC What payments are Reportable and when are they Duefrom Russel Stuart
1099s report payments made to non-employee service providers, as well as payments to suppliers and other entities you do business with.
Think of your own organization, can you name all the types of service providers you use? Do you know which payments are reportable on 1099s, and the minimum amounts you must pay before they are reportable? There is a new 1099-NEC for tax year 2020 that replaces the box 7 payments of the 1099-MISC.