For the 2020 tax year, the Internal Revenue Service (IRS) has introduced the 1099-NEC form for reporting all nonemployee compensation. As part of this introduction, the IRS has also changed or moved fields on the 1099-MISC form.
The following SuiteApps for reporting third-party vendor payments have been updated to support these changes:
- 1099 Vendor Payment Report - Yearli/Greatland - Bundle ID 199464 (unmanaged)
- 1099 Vendor Payment Report - Track1099 - Bundle ID 250920 (managed)
After you have installed the latest versions of these SuiteApps, two saved searches will be available, one for each form:
- 1099 Vendor Payment Report - MISC
- 1099 Vendor Payment Report - NEC
The fields in these saved searches and the corresponding exported CSV or Excel files are updated to reflect the changes.
Note: It is assumed that all the Federal Tax Withholding transactions in NetSuite are related to Nonemployee Compensation. Because of this, the saved search for the 1099-NEC form should include all federal tax withholding (box 4), while the saved search for the 1099-MISC form does not include this information. You should verify the retrieved Federal Tax Withholding on NEC. To include any Federal Tax Withholding on the 1099-MISC form, edit the CSV or Excel file after export.
For more information about using these SuiteApps, see this help topic:
Reporting 1099-MISC Vendor Payments to a Third-Party Provider, SuiteAnswers ID: 11196.
Note: The 1099 Vendor Payment Report - Yearli/Greatland (Bundle ID 199464) SuiteApp was previously an unmanaged bundle. You must update the bundle manually to get the latest version. Going forward, this SuiteApp will be managed, meaning that new versions of it are pushed to your account automatically.
For more information on installing bundle updates, see Installed Bundle Updates (SuiteAnswers ID: 10224).
If you have any questions, please contact NetSuite Customer Support.
