Note These Changes to the AP 1099
There are a few important changes to note if you have 1099 vendors.
The IRS has introduced a new 1099 form, the 1099-NEC, for reporting Non-Employee Compensation. That amount has been removed from existing 1099-MISC form (Box 7). You will see the new option at the top of the AP 1099 Report window. Choose the 1099-NEC radio button if you are printing forms for Non-Employee Compensation vendors.
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You will also need to file Form 1096 with each 1099 type. Please review the IRS instructions found on each form or on the IRS website.
On the AP Vendors window 1099 tab, the 409A Income label is now Non-Qualified Employee Compensation.
Published date: 10/06/2021