Looking for the most recent Sage Product Information?

We have compiled the current and relevant Sage Product updates that you should be aware of.  Note in most cases you or another individual at your company would have received an email update about these from the publisher.

This product update includes the following new features and improvements in both Sage 300cloud web screens and Sage 300 classic desktop screens:

  • Updated 1099 tax reporting. For tax year 2020, Nonemployee Compensation is reported in box 1 on a new 1099-NEC form (instead of box 7 on the 1099-MISC form where it was reported previously). On the A/P Print 1099/1096 Forms screen, you can now print to the new 1099-NEC form, as well as updated versions of the 1099-MISC and 1096 forms.
  • Improved 1099/CPRS codes. 1099/CPRS codes no longer correspond to specific box numbers on forms, because these box numbers may change from year to year (which has happened with several boxes in tax year 2020, including the change to Nonemployee Compensation discussed above).
  • Instead of using the code as an indication of the box number where amounts should be reported, for each code you now specify a type of payment (or other amount) to be reported on 1099/CPRS forms. When you print a form for a specific tax year, amounts are automatically printed in the correct boxes for that year.
  • To continue using your existing 1099/CPRS codes, update each of them by specifying a tax reporting type (1099 or CPRS) and an amount type. Also, consider creating 1099/CPRS codes with meaningful names for your next reporting cycle (for example, if you currently use code 7 for Nonemployee Compensation, you might replace this code with one named NEC). If you create new codes, ensure that you assign them to vendors in Accounts Payable.

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1099 NEC form new for year 2020 for Accounts Payable Non-employee Compensation

  • 1099-NEC form new starting year 2020 for Accounts Payable Non-employee Compensation.
  • Nonemployee Compensation box removed from 1099-MISC starting year 2020 will now be on Form 1099-NEC.
  • 1099-MISC fields are incorrect.
  • 1099-NEC form available in Form 1099 Tax Reporting in Aatrix

 

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For more information about the various Sage Product Updates you can watch their Video Playlist on YouTube.