https://www.irs.gov/pub/irs-prior/i1099msc–2020.pdf
https://www.irs.gov/pub/irs-pdf/i1099msc.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.
2. Vendor 1099 Box – NEC - Added new configuration setup for NEC boxes 1- 7.
3. Vendor 1099 Box – MISC – The following boxes’ descriptions will be updated:
- M07 – Payer made direct sales of $5000 or more
- 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
4. Vendor Master Default 1099 Settings – All 1099s vendors' defaulted settings will be updated appropriately accordingly to the new 1099s formats.
5. Vendor Vouchers – The amounts on the following vendor 1099 MISC type boxes will be moved/updated for ALL vouchers from 2020-01-01 to the Updated date.
6. After the update is completed, users will enter all data accordingly to the new 2020 1099’s new format.