Announcement: 1099-MISC Changes Coming Soon!

September 2020    Tags: 1099s, Accounts Payable, Trust Accounting

The IRS is changing the layout of Form 1099-MISC for the 2020 tax year. Additionally, Form 1099-NEC is being added to replace Box 7 on Form 1099-MISC.

Tabs3 Software will support these new forms. An update to Tabs3 Trust Accounting and Accounts Payable is already in process to address these changes and will be available before 1099 forms need to be filed.

To prepare:

• If you plan to print the forms using Tabs3 Software, order the number of forms you need for filing 1099-MISC and 1099-NEC forms. We recommend ordering 1099 forms from Nelco®. These forms are guaranteed 100% compatible with Accounts Payable and Trust Accounting. Nelco has over 50 years of experience in the business forms industry. You can order forms by calling 1-800-266-4669 or via http://www.nelcosolutions.com/Tabs3.
• Electronic filing requirements have changed. If you are now required to file electronically through the Filing Information Returns Electronically (FIRE) System, be sure that you apply for a transmittal code early. It could take 45 days to receive the code from the IRS. For more information, see https://www.irs.gov/e-file-providers/filing-information-returns-electronically-fire.

To simplify the filing process, Tabs3 Software has partnered with Nelco to provide Tabs3 E-file, a complete solution to filing your 1099-MISC, 1099-NEC, and 1096 forms. With Tabs3 E-file you don’t need to request a transmittal code from the IRS. You also won’t need to deal with forms, envelopes, postage, or configuring your printer; instead, simply upload your data to the Tabs3 E-file portal. From there, forms can be electronically filed, printed and mailed, or emailed on your behalf, saving you time and manpower. For additional information on Tabs3 E-file, see KB Article R11788, “All About Tabs3 E-file.”

To learn more about the 1099-MISC and 1099-NEC forms, see https://www.irs.gov/instructions/i1099msc.

Stay tuned for more information!