Micro Force -Velosio Newsletter Nov 2020 - New 1099 Non-Employee Compensation Reporting Requirement
Updated: Dec 16, 2020
Greetings!
With the holiday season underway, we continue to look forward to helping both you and your fellow Great Plains users get the most from your Microsoft Dynamics GP business software system.
We have recently identified a number of individuals at our customers who were not receiving our monthly newsletters for Dynamics GP users. So if you are one of these individuals who are now receiving our Microsoft Dynamics GP newsletter for the first time – WELCOME! The intention of these mailings is to provide an opportunity for our Dynamics GP customers to learn more about their Microsoft Dynamics GP business software system, which is still considered one of the most comprehensive and feature-rich ERP systems on the market today.
We have now published all of our 2020 monthly newsletters to one central location on our website. You can view older versions of these newsletters by going to Resource Library > Newsletters on our website: www.micro-force.com.
As we are in the midst of the holiday season, we would like to participate and provide some “gifts” to our beloved Dynamics GP customers. These “gifts” will consist of weekly Tips and Tricks regarding your Dynamics GP system during the month of December, in an effort help you learn some new information about your Dynamics GP business system that can hopefully permit you to do your work quicker, better, faster in 2021! Please keep an eye out for our weekly “gifts” that we will email to you throughout the month.
Read on below for information on upcoming webinar opportunities, and helpful Dynamics GP features to aid in your everyday tasks!
New 1099 Non-Employee Compensation Reporting Requirement for 2021
The IRS has announced that there will be a change to your 1099 reporting come January 2021. The new 1099-NEC (NEC stands for Non-Employee Compensation) is based on an old form. This will require an update to your Microsoft Dynamics GP business software system to address this 1099 form printing change.
Dynamics GP released their updates (GP year-end update) last week, which will address this new 1099 form regulation for Dynamics GP versions 2016 and 2018. We were able to test it and verify that it addresses the form change, which transfers data from 1099-MISC box 7 to this new form.