What are the key differences between a 1099-MISC and a 1099-NEC for the year 2022?

The key difference between a 1099-MISC and a 1099-NEC for 2022 is that the 1099-NEC is used to report nonemployee compensation, while the 1099-MISC is used for various types of income such as rent, royalties, and other miscellaneous income.