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1099-NEC

  • 1.  1099-NEC

    Posted Jun 12, 2020 01:09 PM

    The IRS has added a new 1099 form called 1099-NEC for 2020 reporting. Box 7 that was on form 1099-MISC is going to be on this new form. Has anyone researched these changes and how they will be handled in NAV 2017?  Thanks



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    Darlene Thompson
    Garner Industries
    Lincoln NE
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: 1099-NEC

    NAVUG ALL STAR
    Posted Jun 15, 2020 09:19 AM
    Since this will be a change to the year-end reporting process, Microsoft may not release an update for the report until later this year.

    In the interim, I would add the new Code in the 1099 Forms-Boxes so you can capture all the payments you make under the new category.  You'll have the information available when it's time to run the report.

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    Robb Delprado
    Senior Trainer and Consultant
    New View Strategies
    robb@newviewstrategies.com
    860.558.8032
    Houston, TX
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: 1099-NEC

    SILVER CONTRIBUTOR
    Posted 13 days ago
    Has anyone heard about​ an update for the new 1099-MISC & 1099-NEC set up yet? We can run reports and create our own templates for the printed versions, but I really don't want to create my own magnetic media files if I can help it.

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    Tara Langley
    Accounting Manager
    Culver Franchising System, LLC.
    Prairie du Sac WI
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: 1099-NEC

    NAVUG ALL STAR
    Posted 13 days ago
    We are looking at this for several of our clients as well.  Since 1099 code MISC-07 is still related to non-employee compensation (NEC), I would recommend leaving that code alone and just adjusting the current 1099-MISC report to remove that code, and then create a new 1099-NEC report to report only that code.  Luckily, the formats of the 1099-MISC and 1099-NEC forms are identical, so you should just be able to replace some of the code to get the new form built.

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    David Wiser
    Sr. Solution Consultant
    Tigunia
    2019-2020 Board of Advisors
    BCUG|NAVUG All-Star
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    Academy - Online Interactive Learning from Experts


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