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academy:business_finance_process1099forms

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academy:business_finance_process1099forms [2023/12/14 17:03] – 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>
-ASCENDER users should continue using the IRS Filing Information Returns Electronically (FIRE) system to electronically file 1099s. The IRIS Taxpayer Portal 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.1702573428.txt.gz · Last modified: 2023/12/14 17:03 by emoreno

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