Contents


1099-NEC Introduction

The 1099-NEC (Non-Employment Compensation) form is new for the 2020 tax year.  1099-NEC is a form that solely reports non-employee compensation and is NOT a replacement for the 1099-MISC. Form 1099-NEC is only replacing the use of Form 1099-MISC for reporting independent contractor payments.



Changes to Connected for the 1099-NEC

The following changes have been made to Connected to support the new 1099-NEC requirements.

 

-Vendors Window updated with a "Box" pulldown menu for 1099 selection.  All vendors that had Box 7 previously selected will have the value automatically transferred to "1099 NEC Box 1"



-Payments Ledger has "1099 Vendor Yes/No" and "1099 Box" added to the field picker



-1099 report window is updated to modern report interface, including report notes


-1099 report window has option to select either the 1099 Misc or 1099-NEC form



-A/P Forms now supports the layout edit for both the 1099 Misc and the 1099-NEC forms as separate entries


Supported Versions:

Connected 10.2 with 10.2.12 patch applied
Connected 10.2.6 with 10.2.62 patch applied


To request the patch that contains this change, please use the following link to submit a ticket and use 1099-NEC in the subject line.  Click here to submit a ticket request for the 1099-NEC patch update


Resources:

https://www.irs.gov/forms-pubs/about-form-1099-nec