New IRS Draft for Form 1099 for 2020 Payments

The IRS has recently released a draft of a new form, Form 1099-NEC, which will be used to report payments for Nonemployee Compensation paid in 2020. Payments made prior to 2020 have previously been made using Form 1099-MISC, box 7, Nonemployee Compensation (NEC).

The IRS cautions that this early release draft may be subject to change. ECFA will continue to monitor any updates.

View the draft form here: