Microsoft Dynamics GP – 1099 Information for the 2020 Year-End

Welcome to 2020 year-end and all the fun changes for 1099’s! This year, the IRS has released a new 1099NEC form that is required for 2020 tax reporting for Non-Employee Compensation (NEC). NEC information was previously reported in Box 7 on the 1099-MISC form, so a whole new form is required this year. To accommodate this, Microsoft has made the following changes: The Tax Type of Non-employee Compensation has been added to the Vendor Maintenance\Options window. You can view NEC 1099 details from the 1099 Details Inquiry window. Non-employee Compensation is a selection option when printing 1099s.   The easiest way to update vendors for this new tax type is to use the Update 1099 option under Purchasing\Utilities. This will let you mass change tax type and update transactions as well. Please keep in mind that Box 7 on the 1099-MISC is now used for something else so make sure [...]

By | 2020-11-04T14:33:15+00:00 November 4th, 2020|Dynamics GP, Microsoft Updates|