The recent upgrading to MIP version 2020.2.0.0 was accompanied by a big change for vendors with Default Codes Form MISC and Box MISC-07. The IRS has changed the required Form and Box for Non-Employee Compensation to Form NEC and one of four Box options:
- NEC-01 Non-Employee Compensation (This option becomes the new 1099 Box default)
- NEC-04 Federal Income Tax Withheld
- NEC-05 State Income Tax Withheld
- NEC-07 State Payment
Important Notes: Vendor 1099 Adjustment entries are not made via this import.