2020 1099-MISC forms

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Posted on by Deborah Bergman

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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?

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Microsoft Dynamics GP

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Chris.Hadden 726 on at

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RE: 2020 1099-MISC forms

I saw another post on this topic today, where Microsoft replied. Not much detail, but this does include a timeline: community.dynamics.com/.../1099-nec-for-2020-required
JW-16081432-0 65 on at

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RE: 2020 1099-MISC forms

Sorry about that, I didn't realize I was in GP forum. I removed my post so there isn't any confusion.
Deborah Bergman 1,465 on at

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RE: 2020 1099-MISC forms

This is for Dynamics 365 - what about Great Plains?
JW-16081432-0 65 on at

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RE: 2020 1099-MISC forms

Removing my post as it was related to D365. Sorry.
Deborah Bergman 1,465 on at

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RE: 2020 1099-MISC forms

Is there any update on this from Microsoft?
Ronald Gressley 30 on at

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RE: 2020 1099-MISC forms

Any update on this post?

We need to plan for changes to Dynamics GP to make sure the reporting requirements are met.

Thanks