The
objective of this blog post is to inform you that in TaxSeer release you can find a new Form 1099-NEC
Suppression Tax Return for reporting nonemployee compensation in US. Internal
Revenue Service (IRS) published annual legal changes to tax forms, either in
print and TXT file for fiscal year 2021.
The nonemployee
compensation amount was previously part of the Form 1099-MISC
Withholding Tax Return. This income type was removed from the 1099-MISC Tax Return. As of fiscal year
2021 nonemployee compensation is reported in separate 1099-NEC Withholding Tax
Return.
What’s new?
- New
Tax Return Type 1099-NEC Form
Online is available with the possibility to setup a threshold, if
needed.
- The new print form is
available for the 1099-NEC e-File
Tax Return.
Using this new tax return type in TaxSeer By Design you will be compliant with US legal
requirements. Nonemployee compensation is reported separately for each
supplier, following the local legislation.
In case you
have any comments or suggestions, please let us know via Comments section below
the Blog.
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