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Debra Richardson from Debra R Richardson LLC helps with cleaning up vendor data and processes to pay vendors correctly. This tutorial discusses changes on the 1099 NEC and 1099 MISC forms for the 2021 tax year. In 2020, non-employee compensation was moved from box seven to box one on the 1099 NEC. For 2021, there are additional changes on the 1099 NEC form. These changes are important to understand for accurate vendor payment reporting.
