Draft instructions for 2021 Forms 1099-MISC and 1099-NEC were further revised Nov. 2 by the Internal Revenue Service.
The name of Form 1099-MISC is to be changed to “Miscellaneous Information” from “Miscellaneous Income,” the agency said. The name of Form 1099-NEC, Nonemployee Compensation, is not to change.
The instructions included additional guidance:
- Form 1099-MISC. Box 11 is to include reporting under Internal Revenue Code Section 6050R regarding cash payments for the purchase of fish for resale purposes from a business or individual engaged in catching fish. The information in the previous draft instructions, released Aug. 31, was to have ...
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