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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