The IRS is reviving Form 1099-NEC in 2021 for businesses to report non-employee compensation paid in the tax year 2020.
Starting 
in 2021 (tax year 2020), Form 1099-NEC (Non-Employee Compensation) will be required to file to report any payments to independent contractors, such as: fees, commissions, prizes, awards, and other forms of compensation equal to or above $600.
This change was implemented by the IRS in order to address the confusion regarding different filing deadlines in the past for Form 1099-MISC. Before the “Protecting Americans from Tax Hikes” (PATH) Act of 2015, businesses were required to file Form 1099-MISC by February 28 each year. The PATH Act added an expedited deadline of January 31 of each year if a business reported any non-employee compensation in Box 7 of Form 1099-MISC, otherwise the business could file 1099-MISC by the original February 28 deadline.
For 2021, Form 1099-NEC must be filed on or before February 1, 2021, using either paper or electronic filing procedures. Additionally, Form 1099-MISC must be filed by March 1, 2021 if filed on paper, or by March 31, 2021 if filed electronically.
Filing Information for Form 1099-MISC & Form 1099-NEC:
https://www.irs.gov/instructions/i1099msc
1099-MISC Information/Forms:
https://www.irs.gov/forms-pubs/about-form-1099-misc
1099-NEC Information/Forms: