How do companies prepare US tax form 1099-NEC?

Oyster will generate 1099-NEC tax forms on behalf of US companies with US contractors. US contractors are both US citizens, regardless of tax residence, and non-US citizens who set their country of tax responsibility to the US.

Company Administrators will receive a notification from Oyster when the 1099-NEC forms are ready for them to review. They will need to log in to the platform to review and finalize the form for each contractor. 

Once logged in, go to the People section. Then, go to the Team tab and click on the US contractor. Go to the tax compliance section of the contractor:

Click on Edit under the Actions to open the tax form in HelloWorks, which will route to the below page: 

From here, Admins can make edits as necessary directly in HelloWorks. Making an edit on the first page will automatically apply to the rest of the copies.

Once ready, finalize the form by clicking I Agree

The status will then be updated in Oyster to Finalized after a few minutes. A page refresh may be required.

From here the Company Admin can download or delete the form. 

The contractor will receive a notification from Oyster when the form is finalized and will then be able to log in and download it via their Documents tab.

Companies should refer to the official IRS website for instructions on which copies to submit and how to submit them. 

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.

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