The document outlines Form 1099-NEC reporting requirements for income earned in the gig economy, specifically highlighting that payments over $600 must be reported. Businesses utilizing gig platforms are required to file this form, which includes various types of compensation but excludes expense reimbursements. Key deadlines for providing the form to payees and filing with the IRS are also specified.

1. www.form1099online.com
Navigating the Gig
Economy:
Understanding Form
1099 Reporting
Requirements:

2. Navigating the Gig
Economy:
Form 1099 Reporting
• More people are participating in the gig
economy through platforms like Uber,
Lyft, DoorDash etc.
• Income earned on these platforms is
reported on Form 1099-NEC.

3. What is Form 1099-NEC?
• Form 1099-NEC reports non-employee
compensation.
• It is used to report income earned by
independent contractors and freelancers.
• Income over $600 in a calendar year must
be reported on Form 1099-NEC.

4. Who Must File Form 1099-
NEC?
• Businesses that pay independent
contractors over $600 in a year must file
Form 1099-NEC.
• This includes gig economy platforms like
ridesharing and delivery apps.
• The form is submitted to the IRS and a
copy is provided to the contractor.

5. What to Report on Form
1099-NEC
• Total non-employee compensation paid
over the calendar year.
• May include bonuses, commissions, fees
etc.
• Does not include reimbursements for
business expenses

6. Form 1099-NEC Filing
Deadlines
• Form 1099-NEC must be provided to
payees by January 31, 2024.
• Paper forms must be filed with the IRS by
February 28, 2024.
• E-filed forms must be submitted by
March 31, 2024.