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https://www.irs.gov/pub/irs-prior/i1099msc--2020i1099msc–2020.pdf
https://www.irs.gov/pub/irs-pdf/f1099msc.pdf
https://www.irs.gov/pub/irs-pdf/f1099nec.pdf
Mandatory Aeros ERP software update for 2020 1099 MISC & 1099 NEC new requirements .
Following are the items to be included in the update:
- Vendor 1099 Type - Added new Vendor 1099 type NEC.
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3. Vendor 1099 Box – MISC – The following boxes’ descriptions will be updated:
- M07 – Payer made direct sales of $5000 or more - this box amounts will be moved to NEC Form Box 1.
- M09 – Crop Insurance Proceeds
- M10 – Gross Proceeds Paid to an Attorney
- M11 – Not in used
- M12 – Section 409A deferrals
- M14 – Nonqualified deferred compensation
- M15 – State tax withheld
- M15A – No longer in used
- M15B – No longer in used
- M16 – State/Payer’s state no.
- M17 – State income
- M18 – No longer in used
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6. After the update is completed, users will enter all data accordingly to the new 2020 1099’s new format.
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