The IRS posted a draft version of Form 1099-NEC that will be used to report payments to independent contractors that are made in 2026. The revised version has new boxes to include cash tips, Treasury Tipped Occupation Codes (TTOC), and overtime compensation. For independent contractors, overtime is a contractual thing. Track payments in 2026 to independent contractors so you can provide this form if payments in the year total $2,000 or more. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download for Free our newly-updated eBook, "150+ Tax Deductions for Small Business A to Z" Revised to reflect changes in the One Big Beautiful Bill
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Small Business Owners: Don’t Forget About 2025 Retroactive Tax Breaks and Incentives! - Small Business & Entrepreneurship Council #smallbusiness #taxbreaks #taxdeductions #taxseason