By Payroll and Entitlements Editorial Staff
The Wisconsin Department of Revenue has issued Wisconsin Tax Bulletin Number 209. The Bulletin includes some withholding tax updates and reminders. Specifically, the DOR reminds taxpayers that the IRS has created Form 1099-NEC and redesigned Form 1099-MISC. Beginning with tax year 2020, businesses use Form 1099-NEC instead of Form 1099-MISC to report to the IRS amounts paid for services performed by someone who is not an employee of the business (nonemployee compensation). For more information, see the Form 1099-NEC and Form 1099-MISC instructions. For tax year 2020, businesses may submit Form 1099-MISC or Form 1099-NEC to the department. Electronic filing options for Form 1099-NEC will be available in January 2021.
The full text of the bulletin is available at https://www.revenue.wi.gov/WisconsinTaxBulletin/209-04-20-WTB.pdf. (Tax Bulletin No. 209, Wisconsin Department of Revenue, April 2020.)
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