You should have two records for most independent contractors: Form W-9 and Form 1099-NEC. Keep both records for at least four years. Form W-9 provides you with the contractor's name, address, and TIN. Every January, you send to the IRS and each independent contractor a Form 1099-NEC (before 2020, you'd use Form 1099-MISC), which summarizes the contractor's earnings of $600 or more for the previous year.