Tax season is upon us and time to be on the lookout for tax form 1099-NEC which reports non-employee compensation payments made to you or your agency entity. IRS guidelines require carriers and brokers to issue 1099-NEC forms to individuals and entities (excluding C-Corporations) for payments of $600 or more annually. Payments made by PIPAC in 2022 will be reported on 1099-NEC forms from Integrity Marketing Group and will be postmarked no later than January 31, 2023. If you received commission compensation directly from any carrier, the carrier will be responsible for reporting that information under the same IRS guidelines.
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