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

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Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the...