There’s A New Tax Form - With Some Changes - For Freelancers & Gig Workers

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There’s a new tax form—with some changes—for freelancers & gig workers

Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.Form 1099-NEC is not included in the CF/SF Program for 2020.This is important information for some taxpayers who might have relied on the CF/SF Program in the past to forward Form 1099-MISC for nonemployees. For 2021, you’ll have to make other arrangements for the new forms.

And independent contractors and freelancers? You need to know this information, too, so you’ll know which form to look out for and when . The IRS will provide more information about filing requirements for next year as 2020 draws to a close. Stay tuned!

 

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