Thank you for the posts and for everyone who has provided guidance.Microsoft Dynamics Business Central and NAV Global Development is in the process of creating the new Report. The new 1099-NEC Report will release in Cumulative Updates for Microsoft Dynamics NAV 2016 through current versions. In addition, the 1099 MISC will include the change for the removal of Box 7 as Non-employee Compensation and restructure under the new 1099-MISC format for 2020 filing. At this point, we do not have the timing on whether this will be included in the November, December or January Cumulative Update Release. For Microsoft Dynamics NAV 2015 and earlier, the report will need to be pulled from the 2016 and brought back as these versions are no longer under current Development suppport with the five year life cycle, or custom development of the Report will need to occur.
Thank you,Best Regards,Tom
Hello all,Thank you for your patience Kyle and everyone. The Cumulative Updates have been published for On Premise Versions on the support.microsoft.com website under the Help menu on 12/09/2020. You will be able to locate the Cumulative Update by searching for Cumulative Update December 2020 Business Central or Microsoft Dynamics NAV, whichever is relevant from the site. Of special note is that Microsoft Dynamics NAV 2016 release is pending due to a late identified build issue.
Please note that the SAAS release will begin within the next week or two. The 17.2 Update is in progress review and testing.The only key additional note is that Mag Media was still being finalized and will be releaed in a separate Hotfix.Best Regards,Tom
Sorry for delays in responding. I was out at the end of the year for personal time off and travel. Since arriving back to the office, our regular support load is extremely high, so getting to the Forum posts has been challenging. Thank you for your patience.
As for the method for releasing year end changes such as the 1099 changes, the Cumulative Update process has been the release mechanism since NAV 2013 Released. Cumulative Updates have been the way that Development releases changes because changes are based on the most current Objects. You may certainly provide feedback to the Product Team at the following Ideas site to bring visibility to the concerns. Categories (dynamics.com)Magnetic Media changes are included in the January Cumulative Updates that were released at the end of last week.
Thank you again for your patience everyone and thank you for everyone contributing to the discussion.
For the calendar year 2020, the requirements for reporting "Non-Employee Compensation" will include a new form. Previously, all "Non-Employee Compensation" payments were reported to recipients and the IRS in form 1099-MISC, Box 7.
Form 1099-NEC was created to separate the 1099-MISC, Box 7 forms and will be required for the year 2020. Businesses will need to be ready to use this new form as well as the revised 1099-MISC. Below is a summary of the changes made:
Hi Tom - any word on whether an updated license file can be generated to include the new 1099 objects yet?
------------------------------Ron SaritzkyGenerate Life SciencesLos Angeles CA------------------------------
Or when the magnetic file report is going to be available?
------------------------------Ron SaritzkyGenerate Life SciencesLos Angeles CAOriginal Message:Sent: Dec 16, 2020 10:25 AMFrom: Thomas (Tom) BlaisdellSubject: 1099 FormsAs for clarification, I missed a late update from the Product Team on Friday that NAV 2016 and Business Central Wave 2 2020 (Version 17.00) Cumulative Updates for December were released.
Also, just for everyone's information, Microsoft has added a "1099 Adjustments" page, accessible from the 1099 Form-Box page. You select the particular 1099 code from the Form-Box list and click "Adjustments". You can then enter a vendor number and a positive/negative adjustment for that particular vendor's amount. When the 1099 is printed, NAV will adjust the 1099 amount by the amount of the Adjustment.
Just make sure you have focus on the 1099 code that you want to adjust. That code is not on the "Adjustments" page (I've already customized the page so that it displays). Otherwise, you'll think you've made an adjustment but the 1099 report doesn't reflect it.
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