A draft of a new revision of instructions for two federal information returns for reporting non-wage income was released April 21 by the Internal Revenue Service.
The draft Instructions for Forms 1099-MISC and 1099-NEC include the forms’ new boxes for reporting income that may be eligible for the tax deductions for tips and overtime provided by the One Big Beautiful Bill Act (Pub. L. 119-21). However, the instructions do not elaborate on the individual boxes, only stating that tips and overtime reported on the forms should also be reported in each form’s respective box showing total income. Those boxes are ...
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