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New 1099-NEC Forms can now be printed for applicable Vendors
Vendors can now be setup to receive a 1099-NEC form (Non-Employee Compensation) at year end in addition to the previous ability to receive a 1099-MISC forms.
This new capability was added in December due to the removal of the Non-Employee Compensation box from the 1099-MISC form last year and the reinstatement of the 1099-NEC form that had existed many years ago but had been discontinued.
Of course the formats of these 2 forms are different so users planning to run one or both of these need to purchase the correct forms in sufficient quantities and number of copies so they will have them on hand during year end closing procedures.
The 1099-NEC form prints 3 vendors per page as they contain many fewer boxes than 1099-MISC forms. Both do print on the same type of 1096 Transmittal Forms, but with different boxes checked.
Vendor Maintenance has been updated to allow selecting which type of 1099 form a vendor gets. The 1099 Report now shows which type they are setup for. Then when running the actual 1099 forms, you must select which type you want to print as you will run them separately if you have vendors that need both types. These forms will run on standard laser printers and are available at office supply stores such as Staples. A couple examples from Staples are TaxRight part numbers NECSC6103ES15 and NECSC6103ES25 for 15 and 25 recipients respectively.
If you need to run these forms, refer to the help on
1099 forms in Vendor Maintenance and also the 1099 Forms
Printing program
for more detailed information on the forms and how to run
them.