Who files a 1099-NEC form?
The company or business owner—for example, Curri—that makes payments to the service provider or contractor for their services is required to report those payments to the IRS and also send a copy to the service provider or contractor.
Many businesses that have previously filed the 1099-MISC to report non-employee compensation in Box 7 will use the 1099-NEC starting this tax year.
Who receives a 1099-NEC form?
The service provider or contractor receives a copy for their records and the IRS also gets a copy—either through electronic filing or paper mailing. Typically, companies are only required to send 1099-NECs to service providers or contractors who’ve been paid $600 or more in a calendar year and are based in the US or US taxpayers.
At the end of the calendar year, you will receive an email from Stripe to opt into electronic delivery of a downloadable 1099 if you have not opted in already. You will be asked to verify your information. The email will be sent from [email protected] with a Curri-branded header.
1099s will be distributed by Jan 31st. If you do not opt into electronic delivery and do not receive your mailed 1099 before Feb 15th, please reach out to [email protected].
The Form 1099-NEC for the 2023 tax year must be filed with the IRS by Wednesday, January 31, 2024. This due date applies to both paper and electronically filed returns.
State filing considerations for 1099-NEC
Form 1099-NEC will not be included in the IRS 1099 Combined Federal/State Filing Program. This means that the IRS will not forward information returns from the 1099-NEC to participating states, so businesses who file the 1099-NEC may need to directly report this information with states. We recommend consulting a tax advisor to determine your state filing requirements.
More information from Stripe
*The deadline to report 2023 tax forms to the IRS through Stripe 1099 is January 25, 2024. This will ensure the forms are filed with the IRS and a copy is sent to the recipients before the IRS deadline of January 31, 2024.