Setting up and Filing 1099-NEC and 1099-Misc in QuickBooks Online

What are the changes for the 2020 tax year?

New for 2020, nonemployee compensation has been removed from 1099-MISC and given its own form, the 1099-NEC.

Amounts formerly reported in Box 7 of 1099-MISC in 2019 and prior years should now be reported in Box 1 of 1099-NEC.

QB Desktop Users 1099-NEC training: https://youtu.be/sGVEG0JNuqA

W9 Form: https://www.irs.gov/pub/irs-pdf/fw9.pdf
IRS 1099-Misc Publication: https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

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**Timestamps:**

0:00 - Intro
0:22 - Changes for 2020 tax year
0:59 - Difference between 1099-NEC & 1099- MISC
1:42 - Inside QuickBooks Online
3:46 - Prepare 1099's
4:30 - Review Company Info (Company)
4:49 - Mapping Accounts (Accounts)
6:42 - Who qualifies? (Contractors)
7:15 - Review
8:10 - Print Sheet
8:25 - $600 threshold
8:56 - E-File
9:07 - Print form
12:14 - IRS Website (1099)
13:47 - Free Workshop /Final Thoughts
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