Ha! Yes, the first page of the thread discusses the old 1099-MISC rules, which were correct. Lots of 2019 comments! The IRS jumped ship to the NEC to close some loopholes and then made a big deal out of the $20,000 loophole being shutdown. The number of transactions will no longer matter either. In addition, many states already have the legislation in effect for 2021.
The 1099-K laws changed during the year. I understand that this is a time of big change and upheaval. I can see where the old wording looks good through the end of the year. I can agree that many will follow those rules. If you look at how the thread began, 1099-misc instructions were clear and you could skip the 1099-MISC. However, when I focus on just the NEC wording of today, I believe the IRS should come back and say it was required. The 1099-NEC form, payer's section, says to go online and get the latest rules before filing. For now, if you go to the IRS small business center, select operating a business, you will come to: Paying Independent Contractors
I imagine only cases that end up in Tax Court will matter. I think many people are not aware of the state changes. It will be interesting. I am glad you are aware and concerned.
But back to you, yes, there has been a huge loophole for a long time and it was crazy! You also mentioned that you did the 1099-NEC last year as well. So, I think you are on the side of better safe than sorry. We will keep a weathered eye on the matter!
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