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New federal tax type code NEC-01

in Payables, Payments & Cash Management 3 comments

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Beginning with the 2020 tax year, the IRS requires businesses to report non employee compensation on form 1099-NEC - Box 1 instead of 1099-MISC Box 7. Currently in Oracle, the only selection available is MISC-07 but we need to be able to either rename that field to NEC-01 or be able to add a new selection for our reporting. When does Oracle expect to upgrade to allow this feature or what are the alternatives we have in order to select the proper type.

Our supplier import automation is failing when we pass NEC-01 .

Is there a way to use a new federal tax type code?

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