As a Client/Payer, who receives an IRS Form 1099-NEC - Vendor of Record (VOR)?

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For 1099-NEC - Vendor of Record (VOR) filings, WorkMarket will generate and file 1099-NECs with Resource Enterprise Services LLC listed as the payer.

At the end of January, the following forms will be provided and filed for your Workers/Payees if they meet the following criteria:

  1. 1099-NEC Forms
    • US workers
    • Receive $600 or more from your company during the tax year.
    • Not setup as corporations (S-corp & C-corp)
      • Note: Workers who opt into mail delivery will receive mailed copies to their address on file.
  2. Earnings Report: provided to all workers regardless of client service type, and includes total gross earnings, expenses, deductions, overpayments, reversals, OAI/GL fees, and net earnings for a given year.

NOTE:

For a full list of the federal tax classifications and whether WorkMarket will furnish and file a Form 1099-NEC, please refer to the table below.

Federal Tax classification Receive a 1099-NEC
Individual Yes
Business* Sole Proprietor or single-member LLC Yes
C Corporation No
S Corporation No
Partnership  Yes
LLC - C Corp No
LLC - S Corp No
LLC - Partnership Yes
Trust / Estate Yes
Non-Profit Yes

* Please note that WorkMarket does not issue Forms 1099-NEC for the following types of reportable corporation transactions: (I) attorney fees reported in Box 1; or (ii) payments by a federal executive agency for services (vendors) reported in Box 1. If your corporation engages in any of these types of transactions, you should seek additional assistance from your tax advisors.

 

Workers/Payees will receive a notification once these documents are available to download in the Tax Documents page of WorkMarket: https://www.workmarket.com/tax/documents (browser version only). 

 

If you need assistance generating an internal report for freelancer payments made in 2024, please reach out to your Account Manager or support@workmarket.com

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