Independent contractors are those employees who are free from supervision and direction from their employers and do not have any control over the performance of their duties. They are generally in business for themselves, offering their service to the general public. Independent contractors have an established business, assume risks for their loss and profit, set up their schedule, and are also free to refuse work offers. The difference between the employer-employee relationship and the employer-independent contractor relationship...

Until the year 2020, the Internal Revenue Service made use of Form 1099-MISC to report their self-employment taxes and the revenue generated from their freelancing and self-employment jobs. From the year 2020, a new Form has been introduced to help businesses and taxpayers to report their income of $600 or more, generated from work outside their regular employment. The ultimate aim of this Form is to clarify separate filing deadlines while reporting different types of payments on...