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Updated almost 4 years ago,
1099NEC or 1099MISC that is the question
I have been issuing 1099 misc forms to all my non-incorporated suppliers (over >$600 per year) in the past. My CPA just sent me a note saying that going forward, I need to use form 1099NEC instead of 1099MISC. I haven’t had a chance to talk to him about his reasoning, but I did look up the instructions for the 2 forms (actually, both forms are covered by the same instruction booklet) and at least after my first cursory read, it is unclear to me what the difference is between the two forms.
Does anyone here have any insights as to what the differences are and whether switching from 1099misc to 1099nec is recommended, needed, required?