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Does anyone know if there are changes to the 2021 US IRS 1099 forms? I heard something about a new 1099 code NEC-04 that is now on the form. Is this true? I did some searching but can't find any mention of it on any IRS sites.
If there are changes, has Microsoft addressed them? Last year was a nightmare and I really don't want to do that again!
Any help would be appreciated.
Yes, their was an IRS change for 1099's for the calendar year ending 2021. There are format changes to Form 1099 as of December 2021: The Internal Revenue Service (IRS) requires one or more versions of the 1099 tax form for payments to vendors. Copies of these forms must be sent to vendors annually on or before the last day of January. On your purchase documents, you can specify that the document is 1099 liable, and you can specify the 1099 code for the vendor.
Form 1099 will be updated with updates issued by Microsoft releasing in US in late December. Sadly, if you are on NAV 2016 you will not get any update from Microsoft. Only NAV 2017 and later will get the updates. I would check with your Partner if they can take the update and back engineer it.
Thank you Steve!
FYI -- I am the partner and want to be prepared so I don't pull all of my hair out again, as it's just grown back after last year!
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