Non-Employee Compensation (NEC): Form 1099 & Other Changes Self-Study Webinar (3 Hours)


Form 1099 Non-Employee Compensation (NEC) is an updated version of a previously discontinued form that allows companies to report compensation paid to nonemployees, contractors, vendors and consultants alike. In this specialized self-study webinar, you’ll learn why the form was resurrected, as well as other important details, such as:

  • How to prepare the form
  • Differences from and changes to Form 1099-MISC
  • Avoiding mistakes and fines
  • Publication 1220 and e-filing

To provide tax and other professionals with the necessary expertise to prepare and file Form 1099-NEC for reporting compensation paid to nonemployees and other independent contractors.

  • Form 1099-NEC Reintroduced
  • What gets reported on 1099-NEC
  • Differences from 1099-MISC
  • PATH (Protecting Americans from Tax Hikes) Act
  • Fees, commissions, prizes, awards
  • Other forms of compensation
  • Payment threshold of $600+
  • Nonqualified deferred compensation
  • Code Section 409-A requirements
  • Special rules for the fishing industry
  • Attorney payments
  • Payments not to report
  • Preparing Form 1099-NEC
    - What information must be
  • Form 1099-MISC Changes
  • Common Mistakes and Solutions
    - Issuing to:
      - A sole proprietor
      - An LLC
      - A bankruptcy estate
    - Penalties
    - Not filing by due date
    - Filing paper when required to
    - Keeping accurate records
    - Filing unnecessary and incorrect
    - Not complying with backup
      withholding notices
  • Publication 1220 and Changes in E-Filing
    - Form 4419 Application for Filing
      Information Returns Electroni-
      cally (FIRE)
    - Using the correct IRS format
    - Due dates
  • Other Important Changes
    - The Taxpayer First Act of 2019
    - Retention period for filers
    - COVID-19-related distributions
    - Debt cancellation under the
      Paycheck Protection Program
    - Compliance matters

• Recognize the respective payments reported on information returns Form 1099-NEC and Form 1099-MISC

• Recognize the due dates for reporting Form 1099-NEC and Form 1099-MISC information returns

• Identify the implications of mistakenly reporting the same payment on both Form 1099-NEC and Form 1099-MISC

• Recognize the payment threshold triggering the required issuance of Form 1099-NEC and Form 1099-MISC information returns

• Identify the degree to which Form 1099-NEC was updated between 2022 and 2023

• Identify the types of payments which are reported in specified boxes within the Form 1099-NEC and Form 1099-MISC

• Identify the most common problem associated with Form 1099 reporting

• Recognize the maximum penalty associated with the failure to file information returns

• Recognize the recommended period for the retention of information returns




No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: