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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?
Any update on this post?
We need to plan for changes to Dynamics GP to make sure the reporting requirements are met.
Thanks
Is there any update on this from Microsoft?
Removing my post as it was related to D365. Sorry.
This is for Dynamics 365 - what about Great Plains?
Sorry about that, I didn't realize I was in GP forum. I removed my post so there isn't any confusion.
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
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