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In tax year 2020, the IRS reintroduced Form 1099-NEC for reporting independent contractor income, otherwise known as nonemployee compensation. If you’re self-employed, income you receive during the year might be reported on the 1099-NEC, but Form 1099-M
When a pass-through business structure is in place, the organization reports both its top-line and partner- or shareholder-level taxable earnings to the Internal Revenue Service (IRS) using theForm 1065and aK-1 filingfor each partner. In turn, the owner(s) or shareholder(s) report their pa...