2020 1099's MISC & NEC New Requirements

https://www.irs.gov/pub/irs-prior/i1099msc–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 included in the update:

1. 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:

1. M07 – Payer made direct sales of $5000 or more will be moved to NEC Form box 1.
2. M09 – Crop Insurance Proceeds
3. M10 – Gross Proceeds Paid to an Attorney
4. M11 – Not in used
5. M12 – Section 409A deferrals
6. M14 – Nonqualified deferred compensation
7. M15 – State tax withheld
8. M15A – No longer in used
9. M15B – No longer in used
10. M16 – State/Payer’s state no.
11. M17 – State income
12. 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.