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
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