If you have not been keeping up with all the IRS changes has made this year with COVID-19 tax craziness, you may have missed the news that we now have a brand new 1099-NEC form. This form separates all non-employee compensation that used to be listed on box 7 on the 2019 1099-MISC form from a new form called 1099-NEC.
With these changes, the IRS also gave us a new 2020 1099-MISC form to track rents, royalties, etc.
In this video, I will show you what the new 1099 forms look like and how you can update the mapping of your expense accounts in the new 1099 wizard in QuickBooks Online so that you can get an accurate 1099 transaction detail report file your 1099s in January 2021.
There are two main changes I love about the new 1099 wizard in QuickBooks Online.
You will now see the 1099 form names right next to each box, so you do not make the mistake of mapping the expense accounts to the wrong 1099 form.
The 1099 form names will also show up in the 1099 transaction detail report.
Note that you may see some weird grayed-out old mapped accounts in some of the boxes as seen in my video. I believe this is a temporary glitch that will be fixed by Intuit before the 2021 filing deadline.
Enjoy the video and don’t forget to subscribe to my channel for more QuickBooks tips.
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New 1099-NEC Form Mapping Process in QuickBooks Online By Goshen Bookkeeping & Co.
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