The New 1099 NEC Form
Previously, Box 7 on the 1099-Misc form was for Non-Employee Compensation.
The IRS is moving this to a whole new form – the 1099-NEC. They have also changed Box 14 for Gross Proceeds paid to another attorney to be Box 10 instead.
The filing deadlines have been changed, so has the number of forms that can be submitted physically vs e-file. Previously, if you were submitting more than 250 forms, you had to e-file. This has been reduced to 100 forms.
There are two methods of e-filing. Nelco’s paid service can be used from Tabs3 software. Or you can use the 1099 disk file option in the software and submit the forms electronically.
Tabs3 will be handling all of this with both the printed forms and with electronic filing in Version 2020 and higher of APS and TAS
HOWEVER, they will not be changing Version 19 to generate the 1099-NEC form.
You will need to be on the latest version of Tabs3 APS for this!