A new federal form, Form 1099-NEC (nonemployee compensation), must also be filed in California. This form is for use by payors beginning with tax year 2020, to report payments of $600 or more to someone who isn’t their employee, paid to an individual, partnership, estate, or in some cases a corporation, for services or for fish purchases for cash, in the course of trade or business. The same form must also be filed on paper with the CA Franchise Tax Board, even if it was already filed with the IRS. For 2020, the due dates are Feb. 28, 2021, for paper and March 31, 2021, for electronic submissions. Contact your Linkenheimer CPA with questions or check here for more information: https://bit.ly/35jdC1H
California Tax Update for January 20
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