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- What is a 1099? In this video were gonna be talking about 1099s, especially within the context of independent contractors. Which are not considered to be employees of the business but receive compensation for their work, just like employees do. Hi everyone. Im Hector Garcia. Im a CPA, QuickBooks Consultant and Business Owner. Im a big fan of Intuit QuickBooks, and Im partnering with them to produce this video series about payroll. In fact, I have an entire YouTube channel where I have tons of videos about QuickBooks, accounting, tax and a bunch of important things for small businesses. Hit the like button. (clicking sound) If youre interested in seeing more videos with these topics. Today, were gonna be talking about form 1099-NEC, which is a very important form for both you and your contractors. NEC stands for Nonemployee Compensation and the form 1099-NEC is how businesses report to the IRS, the compensation paid to the independent contractor during the tax year. And if they