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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Multiple Vendor's ...
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Multiple Vendor's IRS per 1099 copy

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Posted on by DannyAL 35

Hello Community,

Just recently our clients have been shipped the 1099 stationery from IRS and to my surprise both the NEC and MISC copy show multiple forms instead of just a single one like NAV/BC would originally print out per vendor per page. (P.S. attached)

When asked they said the new layout is accurate and will need to comply with. Is it possible to achieve such kind of a customization in the base report? Also, is Microsoft going to introduce IRS 1096 in the future updates?

Best Regards,

Daniel

IRS-1099-NEC-Form.pdfIRS-1099-MISC-Form.pdf

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    Community Member on at
    RE: Multiple Vendor's IRS per 1099 copy

    Daniel,

    I am guessing you are doing 1099's for Calendar Year 2021, yes? If yes, the IRS made a change to 1099's for the Calendar Year 2021 and Microsoft released the updates recently.

    Form 1099-NEC and Form 1099-MISC changes

    Starting in the 2021 tax year, Form 1099-NEC will be resized with a reduction in height in order to accommodate 3 forms on one page. 

    Box 1 on Form 1099-NEC will no longer be used for reporting under section 6050R, regarding cash payments for purchase of fish for resale purposes, from an individual or corporation who is engaged in catching fish. Instead, it will reported in the new Box 11 on Form 1099-MISC. 

    Payers may use either box 2 on Form 1099-NEC or box 7 on Form 1099-MISC to report any sales totaling $5,000 or more of consumer products for resales, on buy-sell, deposit-commission, or any other basis. 

    The FATCHA filing requirement box will be removed from Form 1099-NEC and must be selected on Form 1099-MISC if needed. 

    pastedimage1640808483606v1.png
    pastedimage1640808483607v2.png

    In addition to the changes listed above, starting for the tax year 2021, Form 1099-MISC will receive a title change from Miscellaneous Income to Miscellaneous Information.

    pastedimage1640808483607v3.png
    pastedimage1640808483607v4.png

    For NAV 2018, you will need to load hotfix: https://www.microsoft.com/download/details.aspx?familyid=e6558660-e160-4b3f-8c4b-a320a4f86a0d

    Thanks,

    Steve

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