Didn’t receive a 1099-NEC?

Independent contractors who receive payments over a threshold amount (e.g., $2,000 in 2026), will be issued Form 1099-NEC from the party for whom services have been rendered if this party is a business and not a consumer. But the failure to receive Form 1099-NEC is no excuse for not reporting the income that was earned. That’s what the Tax Court told an independent contractor who got the form after he’d filed his tax return for the year. The payment amount wasn’t in dispute. #IdeaoftheDay

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