There are a few notable changes for 2021 tax reporting:
Form 1099-NEC state filings
The IRS has added Form 1099-NEC to the list of eligible tax forms for the Combined Federal/State Filing (CF/SF) Program. However, states may still require the direct reporting of these tax forms. States should confirm whether using the CF/SF Program to share Form 1099-NEC information will satisfy their reporting requirements.
Revised Form 1099-NEC
The IRS has resized the Form 1099-NEC to reduce the height.
Form 1099-MISC name change
Form 1099-MISC is now called Miscellaneous Information instead of Miscellaneous Income.
Changes for the 2022 tax year
Beginning January 1, 2022, the threshold for reporting amounts on Form 1099-K will drop to $600 (from $20K and 200 transactions). Note this does not impact 2021 tax reporting that will be available to you in January 2022.
This article is neither legal advice nor tax advice. We recommend that you speak to your tax advisor with any questions or concerns around tax reporting.