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academy:business_finance_process1099forms

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academy:business_finance_process1099forms [2023/12/14 17:02] – emorenoacademy:business_finance_process1099forms [2024/12/11 15:45] (current) – emoreno
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 **Created:** 12/07/2018 **Created:** 12/07/2018
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-**Reviewed:** 12/14/2023+**Reviewed:** 12/11/2024
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-**Revised:** 12/14/2023+**Revised:** 12/11/2024
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 <WRAP round intro>The purpose of this document is to guide you through the process of verifying and producing 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation) forms in Finance.  <WRAP round intro>The purpose of this document is to guide you through the process of verifying and producing 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation) forms in Finance. 
  
-Beginning with the 2020 tax year, nonemployee compensation (i.e., payments to a non-employee, such as an independent contractor) totaling $600 or more must be reported on the new Form 1099-NEC. **Previously**, nonemployee compensation was reported in box 7 on Form 1099-MISC. +Beginning with the 2020 tax year, non-employee compensation (i.e., payments to a non-employee, such as an independent contractor) totaling $600 or more must be reported on the new Form 1099-NEC. **Previously**, non-employee compensation was reported in box 7 on Form 1099-MISC. 
  
 This document assumes you are familiar with the basic features of the ASCENDER Business system and have reviewed the [[academy:business_overview_guide|ASCENDER Business Overview guide]]. This document assumes you are familiar with the basic features of the ASCENDER Business system and have reviewed the [[academy:business_overview_guide|ASCENDER Business Overview guide]].
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 <WRAP center round info> <WRAP center round info>
-At this time, ASCENDER users should continue using the IRS Filing Information Returns Electronically (FIRE) system to electronically file 1099s, not the IRIS Taxpayer Portal. IRIS does NOT support an upload for ASCENDER files.+ASCENDER users should continue using the IRS Filing Information Returns Electronically (FIRE) system to electronically file 1099s. The IRIS Taxpayer Portal does **NOT** support ASCENDER files.
 </WRAP> </WRAP>
  
academy/business_finance_process1099forms.1702573375.txt.gz · Last modified: 2023/12/14 17:02 by emoreno

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