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Contracting and purchase of Professional Services
(Independent Contractors or External Consultants)
Effective Date: January 1, 1995,
Updated: October 7, 2009,
Updated: May 5, 2013Foreword
Vanderbilt
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What is independent contractors or external?
Independent contractors or external refers to individuals or entities that are hired to perform specific tasks or provide services on a non-employee basis.
Who is required to file independent contractors or external?
Employers who have paid independent contractors or external over a certain threshold amount are required to file Form 1099-NEC with the IRS.
How to fill out independent contractors or external?
To fill out Form 1099-NEC for independent contractors or external, employers need to provide information such as the contractor's name, address, and Social Security number, as well as the amount paid to the contractor during the year.
What is the purpose of independent contractors or external?
The purpose of reporting independent contractors or external is to ensure that the contractors are correctly classified and that the IRS receives information on payments made to non-employees for tax purposes.
What information must be reported on independent contractors or external?
The information that must be reported on independent contractors or external includes the contractor's name, address, Social Security number or employer identification number, and the total amount paid to the contractor during the year.
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