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1099 requirements

  • 1.  1099 requirements

    TOP CONTRIBUTOR
    Posted 21 days ago
    Hi All

    please can anyone share the requirements for 1099 requirements by IRS, like
    individual
    Contractors
    Corp vs LLC
    1099 box
    amount limiitation

    apprecaite assistance in order to set up vendors and 1099 in AX

    Thanks and kind regards
    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 2.  RE: 1099 requirements

    TOP CONTRIBUTOR
    Posted 20 days ago
    You will want to go to the IRS web site because there are a lot of different 1099's with different payment types and requirements - it depends on your industry as to whether you have a lot of those or not.  Also, there is a new form this year that is moving the 1099-MISC Box 7 (non-employee compensation) to a whole new 1099-NEC form for 2020 so keep that in mind as well.  You can start with this form, but there are others as well (you should see them all in the list in D365):  https://www.irs.gov/instructions/i1099msc

    Also, you will not see any 1099 information unless the legal entity is marked as a US entity.

    ------------------------------
    Shirley Adams
    AKA, an HSO company
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    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


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