Setting up and Filing 1099-NEC and 1099-Misc for QuickBooks Desktop Users

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.

QBO Users 1099-NEC training: https://youtu.be/b5628UtZqQY

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
0:58 - Difference between 1099-NEC & 1099-MISC
1:43 - Entering inside QuickBooks Desktop
2:25 - Print/E-file 1099 forms
4:40 - 1099 NEC/Select Vendors
4:49 - Verify Vendors
5:26 - Map Accounts
9:09 - Review payments
9:52 - Confirm Entries
11:17 - Print 1099/Who gets Forms
11:52 - Print 1096
13:00 - IRS Website (1099)
14:22 - 1099-MISC/Select & Verify Vendors
14:38 - Map Accounts/Review Payments
15:48 - Confirm Entries
16:09 - Print Forms
16:30 - Vendor 1099 Review Report
16:50 - Order 1099 Forms
17:39 - Free Workshop/Final Thoughts
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