12 Days of GP Tips: Day 7 – NEW 2020 Form 1099-NEC

In a move that will impact most businesses using Dynamics to generate their 1099 tax forms:  The IRS has released a NEW 2020 Form 1099-NEC.  This is a form that replaces form 1099-MISC for reporting nonemployee compensation (Box 7).  The form 1099-MISC is still used for reporting other types of compensation.

If you are planning to print 1099s out of Dynamics and need the 1099-NEC form from the system, please let us know ASAP.  Our Dynamics team will reach out to you directly with recommendations.

If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips! And if you missed the first six tips, you can catch them here:

Day 1 – Stress-Free Year-End

Day 2 – Backups Are Critical

Day 3 – Remember That Year-End Close Tasks Are Time/Order Sensitive

Day 4 – Watch the Year-End Processing Webinar Recording

Day 5 – Remember That Some Year-End Closing Routines Take Time

Day 6 – Remember These Steps After Closing the Year

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