For years, businesses have been required to issue Form 1099-NEC to independent contractors and certain vendors once payments reached $600 during the year. Beginning with the 2026 tax year, that threshold has increased significantly to $2,000. While this change will reduce the number of 1099s many businesses need to issue, it does not eliminate the need for good recordkeeping or vendor tracking throughout the year. What Changed? Under prior rules, businesses generally issued F

To ensure individuals properly report all their income, the IRS has an ever-expanding series of information-reporting forms used to...

The IRS Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and Ebay to report...

For each independent contractor that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC...

The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC.