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new 1099-NEC form

  • 1.  new 1099-NEC form

    GOLD CONTRIBUTOR
    Posted Dec 22, 2020 09:52 AM

    I was wondering if we need to update GP to accommodate the new 1099-NEC form.  In the past we have used the 1099-MISC and put non-employee information in box 7.

    Thanks, Danita



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    Danita Simon
    Senior Accountant
    Detroit Metro Convention & Visitors Bureau
    Detroit MI
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    Digital Acceleration Binge Day January 28, 2021 | 11:00 AM to 2:00 PM EST


  • 2.  RE: new 1099-NEC form

    Posted Dec 22, 2020 01:07 PM

    Hey Danita

    MS had included the 1099-NEC in both the fall release that came out in October as well as the YE that came out on the 20th of November.

    If you have been using GP to print 1099 forms, yes you are required to upgrade. This is MS's happy path forward.

    We did and are happy we took MS's happy path.

    Good luck.

    Cheers



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    Dynamics GP Credentialed Pro (Install)
    Ven Sharma
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    American Public University System (APUS)
    Charles Town WV
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  • 3.  RE: new 1099-NEC form

    GPUG ALL STAR
    Posted 29 days ago

    Hi  @Danita Simon

    The short answer is that the US Gov't is requiring a 1099-NEC (non employee compensation) be a separate form this year.  As a result Microsoft has updated the code and it is available for GP2016 and greater.

    So, if you plan to use GP to print the 1099's for Non Employee Compensation (the old box 7) you will have to update your GP to the year end update for your version.

    If you are on a version less that GP2016 there are some alternatives to getting them printed that you can research, but if you want to use GP you will need to update.

    Best of luck!!



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    Jo deRuiter
    🌟 GPUG AllStar 2019
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    Atlanta Chapter Leader
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    Aisling Dynamics Consulting, LLC
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  • 4.  RE: new 1099-NEC form

    GPUG ALL STAR
    Posted 28 days ago

    I just posted a blog article about dealing with the new 1099 form: https://trainingbyamberbell.com/2020/12/29/training-dynamos-survival-guide-for-microsoft-dynamics-gp-and-the-new-1099-nec-form/

    It has information about the update/upgrade from Microsoft, as well as, options on how to generate 1099's if you cannot do the update/upgrade.

    Let me know what you think!



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    Training Dynamo LLC
    Email: amber@trainingdynamo.com
    Website: www.trainingdynamo.com
    Twitter: @trainingdynamo
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