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Blogs by Kathryn Wilson


Checklist: 5 Things You Can Do Now to Prepare for the New 1099 Form

December 3, 2020 / by Kathryn Wilson posted in Small Business Advice, Bookkeeping Services, Oklahoma City, OK

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Are you ready for the new 1099 form? Did you know that there was a new form? Use this bookkeeping checklist to prepare in five easy steps.

Now is a great time to prepare for the upcoming tax season. The best place to start is making sure your bookkeeping records are accurate and up to date — and that you’re ready for the new 1099 form.

The IRS has a new form for nonemployee compensation (NEC), which businesses previously recorded in Box 7 of the 1099-MISC form. Technically, Form 1099-NEC isn’t new — it was last used in 1982. It’s been a while since 1982 so we all probably need a fresh look at what is required in Form 1099-NEC. Also, note that the filing deadline for the 1099-NEC form is February 1, 2021. The standard due date is January 31 — this year, January 31 is a Sunday, so the due date is February 1. (That's also the deadline for sending copies of 1099-NEC forms to all affected vendors and independent contractors.)

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