1099 NEC form update

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Posted on by cbeach66

We are halfway through 2020 and there is the new 1099 NEC form required for all 2020 qualified payments. So far there is no update at least in our company that provides the necessary fields & boxes and printing & reporting options to distinguish between 1099-MISC and 1099-NEC. We are concerned about the re-categorization of hundreds of payments that have been processed under the 1099-MISC option provided. We report over 200 1099 forms every year so this is a big deal for us.

Is there a Great Plains update that including upgrade scripts for the 1099-NEC and 1099-MISC fields and format changes for printing and reporting both forms? We use DynamicsGP 2018.

Thank you,

Connie

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Microsoft Dynamics GP

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Justin Sutton on at

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RE: 1099 NEC form update

Hello Connie,

As noted on our GP 2016 update article, this change is already in the work for the year end updates (this includes GP 18.2):

mbs.microsoft.com/.../usgpye2016

For GP 2018 (which is rolled into 18.2), you can watch this location for the update near this year end: mbs.microsoft.com/.../MDGP2018_PatchReleases

Usually these release sometime around the November timeline.