Financial Management - PSFT (MOSC)

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Changes to the 1099 MISC to 1099 NEC 2020 forms

edited Sep 24, 2020 11:42AM in Financial Management - PSFT (MOSC) 222 commentsAnswered

Hello,

How are other people handling the transition of the 1099 Misc 07 to 1099 NEC 01?  If we start updating the vendor profile now with the new 1099 NEC will the system know to generate the 1099 Misc box 7 for Tax Year 2019 vs 1099 NEC Box 1 for Tax Year 2020?

There is a timing issue that I am concerned about. Or will be there be a look back where you will do 1099 adjustments to make sure the correct reporting for 1099-Misc Box 07 got adjusted to 1099 NEC Box 1?

Any guidance on how any one is handling this transition would be helpful.

Thanks.

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