Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

new 1099 nec

GBS Rachel
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.

0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

10 Comments 10
qbteachmt
Level 15

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.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
GBS Rachel
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.

0 Cheers
qbteachmt
Level 15

"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-...

 

 

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
qbteachmt
Level 15

@GBS Rachel 

Did you read this yet?

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

 

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
DLR
Level 3

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!!

0 Cheers
qbteachmt
Level 15

"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.

 

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
DLR
Level 3

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

0 Cheers
qbteachmt
Level 15

Here:

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

 

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Duke
Level 1

Just found out today (1/6/2021) that when printing the IRS copy of the 1099-NEC, the account number fields don't lineup, and the amount field (box 1) for the form at the bottom of the page does not lineup either. Anyone else has the same issue?

0 Cheers
IntuitAngee
Employee
Employee

Good Afternoon GBS Rachel, 

The new Form 1099-NEC is available in IRS 2020 program. Unfortunately, the process to transfer the vendor data to the form is not completely automated. At this time, you have two different options for preparing this form and both require some manual work to be completed. 

The first option is to update the Vendor Information > IRS Code in EasyACCT > Code N 1099-NEC Box 1. Completing this will properly transfer the Vendor's information into the 100-NEC in IRS 2020. Of course, you would need to go through each vendor and make this change. 

The second option is to leave the Vendor Codes as is (1099-MISC Box 7) and transfer the data to IRS 2020. Once in IRS 2020 we need to open up Return Preparation > Select 1099-MISC > Tools > Transfer to NEC. Now this will transfer over all Vendor details to 1099-NEC but will not carry over any amounts for any boxes, these must be manually entered. 

Thank you for your post in the Accountants Community! 

0 Cheers