Tax & Current Accounting Topics

Businesses must report nonemployee compensation and backup withholding


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IRS Tax Tip Businesses must report nonemployee compensation and backup withholding 

https://www.irs.gov/newsroom/business...

https://accountinginstruction.info/

By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation.

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Tax & Current Accounting TopicsBy Robert (Bob) Steele