The IRS has made significant changes as to how non-employee compensation must be reported. In the past, compensation of $600 or more paid to non-employees for services in the course of a trade or ...
Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, ...
When it comes to taxes, mistakes can cost you more than money. That’s especially true with Federal backup withholding taxes. In simplest terms, 24 percent backup withholding is demanded of both payers ...
Backup withholding is a tax on certain nonpayroll income. Learn more about how it works, which payments it applies to and how to stop it. Many, or all, of the products featured on this page are from ...
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