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In this video, the speaker discusses the IRS Form 1099 Miscellaneous, essential for business owners or those planning to start a business. Key topics covered include the definition of Form 1099 Miscellaneous, the types of payments reported on it, and the actions to take upon receiving the form. The video also compares 1099 Miscellaneous with 1099 NEC, detailing who is required to file Form 1099 Miscellaneous and the filing process. Form 1099 Miscellaneous is a tax form utilized by businesses and individuals to report qualifying expenses paid during the year, which recipients use to prepare their tax returns.