This course will explain the changes relating to Form 1099-MISC for 2020, in particular the changes to how contract labor pay is reported. The IRS has created a new form, called Form 1099-NEC, where contract labor pay will be reported. We will cover these changes, as well as how to tell the difference between a contractor and an employee; due dates; penalties; and how Form 1099-K interacts with the 1099-MISC and 1099-NEC.
Learn about the Form 1099 changes for 2020 to make sure you understand your reporting obligations, report contract labor pay correctly and avoid compliance penalties.
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College. He started his practice in 2009.