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2020 1099-MISC forms

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Posted on by 1,455

In preparing 1099 misc filing for 2019 activity, I discovered a new IRS form we will be required to file for activity in 2020.  All (purchasing vendor) non employee compensation reported in current form1099-misc box 7 will be reported on new form 1099-nec as box 1.  Do you know when GP will update this?  I believe we will need the update by 1/1/20 as box 7 is used by most vendors and will no longer be accurate with 2020 tax requirements.   

 

A second question, will GP convert all vendors setup as 1099-misc box 7 to form 1099-nec box 1 automatically or will we have an extensive manual process after a system update to change our vendors?