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1099-NEC Form

  • 1.  1099-NEC Form

    Posted 20 days ago
    Has anyone heard that we are supposed to use Form 1099-NEC instead of 1099-MISC for 2020 tax filings for non employee compensation?  Does GP have software update to accommodate printing for this since it is now in different boxes?

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    Peggy Renfrow
    Financial Support Manager
    Sabates Eye Centers
    Leawood KS
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: 1099-NEC Form

    GPUG ALL STAR
    Posted 20 days ago
    Hi @Peggy Renfrow

    Yes, you MUST use the 1099-NEC form this year for non-employee compensation.

    For GP 2016 and above Microsoft is putting out a year-end update (for anyone on GP2018 it moves them to 2018.3) in order to accommodate this.

    ​Your best bet is to reach out to your partner and get scheduled to get the update for your version if you are on one of the above supported versions.

    Otherwise, there are some third-party platforms for printing the 1099 NEC as a more manual process.

    Here is some info from Microsoft: https://docs.microsoft.com/en-us/dynamics-gp/whats-new/form-1099-nec-now-supported




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    Jo deRuiter
    🌟 GPUG AllStar 2019
    💫Granite Award Winner 2018,2019
    Atlanta Chapter Leader
    Credential Council Co-Chair
    Aisling Dynamics Consulting, LLC
    ERP Practice Manager
    jo.deruiter@aislingdynamics.com
    9518674366
    Alpharetta, GA
    aislingdynamics.com
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 3.  RE: 1099-NEC Form

    SILVER CONTRIBUTOR
    Posted 20 days ago
    Peggy ~

    18.3 which released on October 5th, contains the 1099 NEC form.  If you print the 1096 from GP, then waiting until the year-end service pack is released would be best as that form is updated in the year-end service pack for 18.3.

    We tested the 18.3 service pack and all current 1099-MISC vendors and their transactions transferred to 1099 NEC vendors.  ​

    Any 3rd party products in use may also require an update.  Some vendor products are already compatible with 18.3, but some are not yet ready.

    As Jo indicated 2016 will release with the year-end service pack.

    Regards,

    ------------------------------
    Sally Diehl
    RSM - Sr. Director, Technology Consulting
    sally.diehl@rsmus.com
    612.629.9058
    Minneapolis, MN
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: 1099-NEC Form

    Posted 19 days ago
    Does anyone know of a webinar about the changes?   Does this include rent?

    I also heard that you will only be able to submit your forms electronically - no mailing the forms in.  Is this true?

    Any suggestions for software or websites to submit the forms to the state or IRS?

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    Debbie Janssen
    Accounting (AR and AP) and GP Maint
    Sure Controls Inc.
    Greenville WI
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    Academy - Online Interactive Learning from Experts


  • 5.  RE: 1099-NEC Form

    Posted 19 days ago
    Rent is still on 1099-MISC.    This is a link to Microsoft's blog series regarding Yearend.  https://community.dynamics.com/gp/b/dynamicsgp/posts/microsoft-dynamics-gp---2020-year-end-blog-series-schedule

    Filing requirements have not changed from the previous year.

    There is also a webinar on December 3 in GPUG.

    https://www.gpug.com/participate/webinars

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    Doug Karel
    Business Systems Consultant - GP
    The TM Group, Inc.
    Farmington Hills MI
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    Academy - Online Interactive Learning from Experts


  • 6.  RE: 1099-NEC Form

    TOP CONTRIBUTOR
    Posted 18 days ago
    In talking to Terry Heley last night - she is doing a couple of webinars to help with year end.  This will be covered in the AP one.  So check out the upcomng webinars to register - I think they are just getting them ready:
    Payroll:  December 3rd
    AP:  December 8th

    It's important to reach out to your partner as you need the latest version - so it's an upgrade to 18.3+   Kind of scary to think about how important it is and what is required.

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    Kim Peterson
    701-261-7307
    Kim@DynamicsConnections.com
    #KimPetersonGP
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    Academy - Online Interactive Learning from Experts


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