Dr. Friday explains the current and upcoming rules for 1099-MISC and 1099-NEC forms—and reminds businesses of their reporting responsibilities.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
1099-MISC, 1099-NECs—this is where we report our subcontractors or services that we have, and we need to send them the 1099 so that they then can file their taxes.
Keep in mind: if you do not receive a 1099, but you did receive money from somebody, it is your responsibility to file that money even if you did not receive the form.
But those forms are going to be changing in 2026. For 2025, you still have $600—anything that’s made over $600, you should be issuing a 1099 for any services that were performed, be it your lawn man or anything else.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.