The IRS officially released form 1099-NEC (Non-Employee Compensation) and it will be used for companies to report money paid to Vendors and Contractors in 2020. The 1099-NEC will be replacing box 7 of the 1099-Miscellaneous, which is also being revised. Reporting to the IRS on the new 1099-NEC will be mandatory. To stay updated on all Federal and State requirements regarding the 1099-NEC visit us to learn more https://www.wagefiling.com/1099-nec/