Form 1099-MISC vs. Forms 1099r 2022-2023

Many business owners don't quite understand what their responsibilities are as it relates to issuing 10.99 so this could be the 1099 nec which stands for non-employee compensation or the 1099 misc which stands for miscellaneous so in this video i'm going to sort of demystify this and clarify what the rules are and answer that question that you might have do you as a business need to issue a 1099. all right before we get started i want to just say that i do highly recommend watching this video in its entirety because the rules have recently changed and a little bit tricky and so you know i mean i get to some of those points until the end so stick around watch the whole thing and you might want to take note so do whatever you need to do either save this video bookmark it share it with yourself take notes whatever you need to do so that you can remember these rules all right so before i tell you and dive right into the 1099 nec and the 1099 miscellaneous let me first perhaps tell you why you should be listening and pay attention because the reason why is if you blow this off and you don't issue these forms and the irs finds out the penalty is at a minimum 110 dollars when i say a minimum of 110 dollars that's because if they find out that you purposely weren't issuing 10.99 well then the penalty sort of skyrockets it goes to 550 so it's like you know five times the amount of the fee if they were found that you were sort of being negligent and you knew you had this obligation and you just weren't doing it all right so with that out of...