Form 1099 NEC
The IRS is releasing a new 1099 NEC form for the 2020 tax year. Non-Employee Compensation, which had been included in the 1099 MISC form, has been moved to its own form.
In the Vendor Card in Options, you now have the option of selecting Nonemployee Compensation as a 1099 tax type. The Utility "Update 1099 Information" also includes selecting Nonemployee Compensation.
To access the Nonemployee Compensation tax type, choose Purchasing, select Cards, and then choose Vendor. Once you choose a vendor, click Options. In the Tax Type drop down menu, select Nonemployee Compensation.
To make a Mass Update, go to Purchasing, choose Utilities, and then select Update 1099 Information. Then make the selections in this window for Tax Type From and To.
This feature will be rolled back to Microsoft Dynamics GP 2016 in the 2020 Year-end update.
You can review the 1099 Details from the Purchasing home page under cards click 1099 Details.
To print the form, from the Purchasing home page, choose Routines and Print 1099
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