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Why IRS Changed Federal Tax 1099-Misc Form? www.form1099online.com
Payers always confused about 1099-Misc Form Filing Deadlines. Before changing 1099-Misc, payers use Form 1099-Misc for reporting NEC payments in box 7.
Generally, Box 7 payments (non-employee payments) must report to the IRS and recipient by January 31st.
And, remaining payments reported to the IRS by February 28th through paper forms. If the filer reports Box 7 payments with other payments after January 31st,
IRS considers the form as a late filing Form. Even IRS also confuses to declare late filing Forms. To avoid confusion, IRS uses the 1099-NEC form and changed the 1099-Misc Form.
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