The distinction between independent contractors and employees has always been a debatable topic in the taxation industry. Form 1099 MISC instructions are targeted towards recording miscellaneous incomes or payments, whereas forms 1099 NEC instructions target recording aggregated income or payments made during the calendar year. Based on 2023 updates, this session will reflect on the status of the Form 1099 series, tips for accurate reporting and how professionals and concerned custodians can formulate around it.
