Accounting help, QuickBooks Michael Wallace Accounting help, QuickBooks Michael Wallace

Action required for tax form 1099 filers

Effective for tax year 2020, the IRS has changed guidelines for reporting non-employee compensation on form 1099. The government has brought back form 1099-NEC to report non-employee compensation. If you need to file both the 1099-NEC and the 1099-MISC, you may need to update your chart of accounts in QuickBooks. Please review this post for detailed steps you must complete prior to completing 1099 forms for tax year 2020.

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