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Continuous use conversion beginning 2022. Forms 1098, 1099-A, 1099-C, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-NEC, and 1099-S and their instructions are continuous use. The forms and their instructions will be updated as needed.
Conversion from an annual form to a continuous-use form means that changes in the form arent anticipated to occur annually so the IRS would revise the form only if necessary to conform to a major change such as a requirement in new federal legislation.
Expert-Verified Answer. The instructions and forms 1098, 1099-A, 1099-C, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-NEC, and 1099-S have been changed from annual updates to continuous usage.
The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the various filing deadlines for Form 1099-MISC versus the 1099-NEC filing deadline.
Form 1099-NEC: Beginning in year 2022 and forward, IRS released a continuous-use format version of Form 1099-NEC to be used. No changes have been made to the form for 2023. Threshold for Form 1099-K: A new requirement was due to take effect beginning Jan.
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