Form 1099-MISC
was used to report non-employee compensation in box-7. Beginning in the tax
year 2022, IRS reintroduced Form
1099-NEC to report non-employee compensation on a separate form. Box 7 of
the 1099-MISC was replaced and is now used to report direct sales of $5,000 and
more.
For the 2022 tax
year, the FATCA Filing Requirement checkbox can now be found on Box 13. Boxes
13-17 from the 2021 version of the form have been renumbered as 14-18 to
accommodate this change.
The IRS has made
a few updates to Form 1099-MISC which
will be effective for the 2022 tax year. Box 13 is now a checkbox used to
report the Foreign Account Tax Compliance Act (FATCA) filing requirement. As a
result of this update, the original boxes 13-17 have been renumbered.
The IRS requires
payers to issue a copy of Form 1099-MISC to the recipient by the end of January
31st. The deadline to submit paper copies to the IRS is on February 28th, and
the e-filing deadline for Form 1099-MISC falls on March 31st.
The IRS prefers
e-filing to paper filing because it is a simpler method and tracking electronic
copies of forms is more efficient than tracking paper copies. There are many
more advantages of filing Form 1099 online, click here to learn
more.
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