{"id":6585,"date":"2021-02-12T08:58:10","date_gmt":"2021-02-12T14:58:10","guid":{"rendered":"https:\/\/erpsoftwareblog.com\/cloud\/?p=6585"},"modified":"2021-02-12T08:58:10","modified_gmt":"2021-02-12T14:58:10","slug":"the-1099-nec-is-back-what-that-means-for-dynamics-gp-users","status":"publish","type":"post","link":"https:\/\/erpsoftwareblog.com\/cloud\/2021\/02\/the-1099-nec-is-back-what-that-means-for-dynamics-gp-users\/","title":{"rendered":"The 1099-NEC is Back, what that Means for Dynamics GP Users"},"content":{"rendered":"<p>You have probably heard by now, but the IRS has brought back the 1099-NEC form. The last time this form was used was in 1982, so you will have to get accustomed to it and make some adjustments. It is replacing the 1099-MISC form that you all are used to for all non-employee compensation. That includes the following:<\/p>\n<ul>\n<li>Freelance<\/li>\n<li>Contract<\/li>\n<li>Consultant<\/li>\n<li>Vendor-based work<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Why does this matter?<\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li>Since the reintroduction of the 1099-NEC and resulting adjustments to the 1099-MISC are brand-new changes to the tax code, they are not available in past releases of Dynamics GP. To get it you must install the 2020 Year-End update.<\/li>\n<li>Unlike past Year-End updates, the 2020 one is critical for anyone who pays freelancers, contractors, consultants, or vendors, not just those who run employee Payroll using GP.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>How does the new update help?<\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li>The update will include new fields\/choices for vendors and about the type of 1099 to print. It will automatically move anyone who was previously a 1099-MISC vendor to the 1099-NEC vendor.<\/li>\n<li>When installing the update, you must first run it against all company databases, updating the GP data. Then you must install the update on all GP workstations.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/community.dynamics.com\/gp\/b\/dynamicsgp\/posts\/microsoft-dynamics-gp-year-end-update-2020-payables-management-new-1099-nec?utm_source=ActiveCampaign&amp;utm_medium=email&amp;utm_content=Attention+1099-MISC+Issuers%3A+Please+Read%21&amp;utm_campaign=1099-NEC+Notice\">Learn more about the update<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>The 2020 Year-End update is <strong>only available to those on supported versions of GP (2016 &amp; higher). <\/strong>If you are still on GP 2015 or earlier, we highly recommend upgrading to get this crucial update. If for some reason it\u2019s not possible for you to upgrade to a supported version of GP, there is a workaround. But it does not change the data, it only modifies how the 1099-MISC prints.<\/p>\n<p>&nbsp;<\/p>\n<p>We hope this information is useful in helping you prepare your 2020 taxes. Questions about the Year-End update, our workaround, or scheduling your GP upgrade? <a href=\"https:\/\/www.inteltech.com\/contact\/\">Contact us<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You have probably heard by now, but the IRS has brought back the 1099-NEC form. The last time this form was used was in 1982, so you will have to get accustomed to it and make some adjustments. It is replacing the 1099-MISC form that you all are used to for all non-employee compensation. That [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[287,421,900],"class_list":["post-6585","post","type-post","status-publish","format-standard","hentry","category-microsoft-dynamics-erp","tag-dynamics-gp","tag-north-carolina-dynamics-gp-partner","tag-year-end-close"],"acf":[],"_links":{"self":[{"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/posts\/6585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/comments?post=6585"}],"version-history":[{"count":1,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/posts\/6585\/revisions"}],"predecessor-version":[{"id":6586,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/posts\/6585\/revisions\/6586"}],"wp:attachment":[{"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/media?parent=6585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/categories?post=6585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/erpsoftwareblog.com\/cloud\/wp-json\/wp\/v2\/tags?post=6585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}