Draft instructions for reporting 2021 miscellaneous income and nonemployee compensation were released Sept. 1 by the Internal Revenue Service.
The instructions are to be used with the 2021 versions of Form 1099-MISC, Miscellaneous Income, and Form 1099-NEC, Nonemployee Compensation, which were revised from the 2020 versions with minimal changes, most of which were to revise dates.
Form 1099-MISC was revised to include the reporting of fishing income in Box 5 under Internal Revenue Code Section 6050R. The amounts previously was reported in Box 1 of the 2020 Form 1099-NEC.
Form 1099-NEC was updated for 2020 to replace the reporting ...
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