New 1099-NEC Nonemployee Compensation

Starting tax year 2020, any business that pays at least $600 for services performed by a person who is not their employee is required to file the new Form 1099-NEC. Previously, nonemployee compensation was reported in Box 7 on Form 1099-MISC.

How the CARES Act Changes Charitable Contributions

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax-deductible. These deductions basically reduce the amount of their taxable income.

Scroll to Top