How To Add 1099-NEC to Your Sage 100 Tax Forms Starting with the 2020 tax year the IRS has updated the 1099 form and added the 1099-NEC which replaces a number of the reporting on the previous 1099-MISC form.
An updated utility was released on December 15, 2020, which allows for moving data which will are in open A/P invoices. The IRS have essentially removed the non-employee compensation reporting from the 1099-MISC and added it to make 1099-NEC. You can review the 2020 rules for form 1099-MISC and 1099-NEC here. Read more-: Access 1099-NEC form files For the aim of Sage 100 1099-NEC reporting you'll got to get on one among the subsequent Sage 100 or Sage 100cloud versions. The new form 1099-NEC Nonemployee Compensation was included in Sage 100 versions 2020.1, 2019.4, and 2018.10 only. this may also include changes to 1099-MISC. A utility is out there to permit customers to manoeuvre data already updated in year 2020 from the 1099-MISC Form Box 7 Nonemployee Compensation box to the 1099-NEC form Box 1 for year 2020. This utility should only be used as a one-time tool for tax reporting year 2020 only.