New/Updated Tax Forms Added to IRS GOLD

CMP: 18147

CIM GOLD version 7.20.12

In response to IRS regulations for the 2020 tax year, the 1099-MISC form has been updated and the 1099-NEC form has been made newly available in IRS GOLD.

•1099-MISC is used to report miscellaneous income as well as various payment types such as rent, royalties, prizes/awards, attorney fees, and certain deferrals. Until tax year 2020, this form was also used to report non-employee compensation, but that function has now been passed along to 1099-NEC. The version of this form now available in IRS GOLD reflects this change of usage.

•1099-NEC is used to report payments made to independent contractors in excess of $600 per year, including fees, commissions, and prizes/awards.

GOLDPoint Systems has communicated with your year-end specialist starting in November of 2020 about these changes. If your institution has 1099-MISC and 1099-NEC forms, they will automatically be created for you in IRS GOLD. See the Accounts Payable Year-end documentation for more information.