Information Return Intelligence
Episode 40: IRS Releases FAQs on Overtime, With One 1099 Item
9:03
The IRS recently released new FAQs dealing with the deduction for qualified overtime compensation.
At first glance, this would seem to have nothing to do with 1099s. Overtime is generally an employee issue, which means W-2 reporting.
But buried in the FAQs is an interesting question: When would qualified overtime compensation be reported on Form 1099-MISC or 1099-NEC instead of Form W-2?
Yes,…