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new 1099 nec

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Level 1

Has anyone seen how Easyacct/Information Return System will handle all our vendors that are marked for a box 7 on the previous 1099-misc....but now need to be coded for the new NEC 1099?  Do you think the program will know to have those payments flow somewhere new?  Or all vendors need to have their IRS code changed?  Because NEC isn't in the drop down yet and I hate all the last minute changes.

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Level 13

I see you are not getting answers, likely because this is Peer Users, and no one here would be able to tell you about the Programmers' process. As a developer/user, though, I would be comfortable pointing out that there are 8 weeks to go before you would even need this form, and that the program already accommodates the function, so it seems likely that the programmers have been tasked with making a new Required Form function properly and in a timeframe that meets your needs. As for "last minute" changes, you might want to consider that the source of format and requirements for this is the IRS. Until they release final formats to developers and program providers, it's pretty much impossible for the market to create it on their own. I could provide you with the links to the style sheets, etc, if you would like to watch for the final release to developers, if monitoring that would make you feel better.

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Level 1

Thank you for trying to assist.  What do you mean by 'already accommodates the function'?

We would be starting to prepare 1099s in December for company's that are already done making payments.  And would just like to know ahead of time if I will need to change anything in my vendor set up, so that we can do that now.

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Level 13

"What do you mean by 'already accommodates the function'?"

Since this is not a new function, but the same function as the Box 7 function, an update would simply use the same function but be tied to a different format (new form). Whatever you have for Box 7 still applies. It is the "new box 7."

As I pointed out, it isn't even required to issue until Dec is over. Yes, you already mentioned you wanted not to be surprised at "the last minute" but right now, we are still in the First minute.

Afterall, right here, also as I pointed out, we are Peer end users. You are not in contact with Intuit programming or Intuit tech support. This is a peer user community, so no one has the answer you seek.

Also, as I pointed out, no program provider can jump over the IRS. The IRS has to release the formats.

As I promised, if you wanted it, I would provide links to the IRS, so that you can monitor them; or, contact the IRS to see if you can get them to work on this faster.

Here is the link to IRS schema, which you can see TY2020 test release Nov 3:

https://www.irs.gov/downloads/irs-schema

Here you can see test planning:

https://www.irs.gov/e-file-providers/tax-year-2020-modernized-e-file-schemas-and-business-rules-for-...

 

 

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Level 13

@GBS Rachel 

Did you read this yet?

https://proconnect.intuit.com/community/product-delivery/help/easyacct-release-dates/00/105596

 

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Level 2

The next scheduled update is not until 1-7-21 so we won't know what the Form NEC 1099 will look like in Easy Account until then?  That stresses me out!!

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Level 13

"That stresses me out!!"

Really? Because I have lots of things other than an IRS Standardized Form, that stress me out. Have you looked at the form:

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

 

Because the IRS controls this. It's been available in draft format and the instructions are there, as well as the current year format. I find that I can reduce stress by being informed.

 

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Level 2

The NEC will be on the Easy Account 2020 - I was looking for it in 2019 - my bad.

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Level 13

Here:

https://proconnect.intuit.com/community/easyacct-discussions/discussion/easyacct-2020-now-available-...

 

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