The wealth management industry is undergoing a profound transformation, driven by advancements in technology. The integration of Customer Relationship Management (CRM) systems has become a pivotal strategy for financial advisory firms aiming to elevate client experiences and optimize internal processes.

As a business owner, staying on top of your tax responsibilities is important for financial health and compliance. One key aspect of tax reporting is the issuance of IRS Form 1099, which has undergone some changes in recent years. Here are the essentials of IRS 1099 for business owners, with a focus on Form 1099-NEC and the nuances introduced in 2022.