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1099 Electronic file for IRS not updated for 2020 Rule for 1099-NEC

edited Dec 4, 2020 5:42PM in Payables, Payments & Cash Management 2 comments

Summary

All Oracle docs indicate that the new form for 1099-NEC was created and there are no process changes and all codes remain the same. That doesn't appear to be the case.

Content

SR Logged.

The 1099 electronic file for year 2020 has new requirements. Our first test file with the IRS came back with errors because the changes were not made. Publication 1220 indicates that Amount Code 7 was removed from the Payer "A" Record for 1099-MISC, yet this is the code that is showing on the file. Non-employee compensation that is reported on the new form 1099-NEC should be categorized on the electronic file as "NE" not "A", and have an Amount Code of "1".

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