IRS Releases Drafts of 2021 Forms 1099-NEC, 1099-MISC

Two 2021 federal forms in the 1099 series, one for reporting nonemployee compensation and the other for reporting miscellaneous income, were released as drafts Aug. 19 by the Internal Revenue Service.

Form 1099-NEC, Nonemployee Compensation, was revised with minimal changes from the 2020 version, most of which were to revise dates and modify the form’s design. However, a note was added to the instructions on the form to remind recipients that estimated tax payments should be made if taxes for income, Social Security, and Medicare were not withheld from compensation, the IRS said. The amounts are to be reported ...