This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. “NEC” stands for “non-employee compensation ... just to be safe. The person filling out the W-9 will indicate their entity type ...
The proliferation of third-party payment apps combined with a lower income threshold set by the IRS means you may receive a ...
If you get paid through Venmo, PayPal, Cash App or another payment app, you may receive a Form 1099-K this year. Here’s what ...