The IRS has added an new tax form 1099-NEC. We need to get this new form and understand how to set up IFS to get supplier income to report on the correct for and in the correct box. Current functionality only allows for one 1099-Misc form. Going forward we will need 2 forms, 1099-MISC and 1099-NEC.
Has anyone us run into this yet? This would be for Apps 9 and Apps 10 as we are planning to finish our upgrade soon.
Best answer by cperdue
There is a related discussion within the Community.
To the best of my knowledge, it is still in the works. I hope this helps.