This informative video will provide an overview of what you need to know for forms 1099-MISC and 1099-NEC for tax year 2023. Subject matter expert Wendy Walker discusses several important topics, including:

  • Change to electronic filing thresholds
  • Increased penalties for late filing
  • Changes in how corrections must be processed
  • 1099-MISC and 1099-NEC form changes for tax year 2023
  • Helpful reminders for successful reporting

March 1, 2024 Update: In a late breaking change, the IRS released Notice 2024-26 announcing a delay in the new requirement to electronically file Form 1042 (the Annual Withholding Tax Return for U.S. Source Income paid to foreign payees) for 2023 transactions with the IRS’s Modernized e-File (MeF) system. 

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