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    Neal Foley
    1099-NEC Requirement for 2020
    Topic posted October 23, 2019 by Neal FoleyRed Ribbon: 250+ Points, tagged Payables, Reports 
    23 Views, 3 Comments
    Title:
    1099-NEC Requirement for 2020
    Summary:
    Does anyone know if Oracle will be supporting IRS form 1099-NEC?
    Content:

    My AP department just informed me that 1099-Misc Box 7 will be reported on a new form 1099-NEC starting in 2020. As far as I can tell, Oracle Cloud only supports 1099-Misc. Looking for any information on how they will handle the new requirement. I haven't seen any documentation yet. Thanks!

    Version:
    19C

    Comment

     

    • Alan Rowland

      Everything I've read indicates that the new form will be used for the 1099's issued in 2021.

      • Neal Foley

        The Draft form is for 2020, reported to the IRS in January 2021. If this is the case, we would need to begin marking invoices with tax information on January 1, 2020. I hope you are right though, that would give Oracle another year to figure it out. Would you mind sharing any docs you have that show a 2021 start date? Thanks