The detail
What it means in practice.
Payments to a US contractor are reported on Form 1099-NEC. The threshold rose from $600 to $2,000 for payments made from 1 January 2026, with inflation adjustments after that. It covers payments by bank transfer or cheque; card and payment-app payments are reported by the payment company instead. The company needs a W-9 from the contractor to complete it, and contractors abroad doing work outside the US aren't reported on it. Every plan prepares the forms, and Standard and Premium file them.
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