Important 1099 changes in Sage 100 for 2020 tax filings
The Department of Treasury's update to the 1099 filing process for Non-Employee Compensation is a significant change that Sage 100 customers cannot afford to ignore. Starting in 2020, all amounts previously reported in BOX 7 of Form 1099-MISC must be reported on the new Form 1099-NEC (Non-Employee Compensation). This change is aimed at simplifying the filing process and reducing confusion for taxpayers, but it means that businesses must ensure that their Sage 100 system is up to date and that they have updated the relevant data for their vendors and transactions. Failure to comply with these new requirements could result in costly penalties and fines, so it's crucial to take action now. The good news is that RKLeSolutions is here to help.
To prepare for this important change, Sage 100 customers must apply an update to their Sage 100 system. Then any relevant data needs to be updated for existing 1099 vendors and 1099 transactions.
We held a webinar for our Sage 100 customers to review the 1099 filing process. Please contact us if you need assistance updating your environment and your vendor/transaction data to be compliant with the new 1099 NEC requirements.
.png?width=80&name=online-course%20(1).png)
Watch the Webinar Replay
Review the Slides
Missed the Sage 100 year end processing webinar?
WATCH the replay DOWNLOAD the slides
