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New to SAP Software?
Looking for a New SAP Provider?
We're available Monday to Friday from 10am to 6pm MST
The IRS released new requirements for Non-Employee Compensation tax filing effective for the 2020 tax season: https://www.irs.gov/instructions/i1099msc.
Pioneer is here to help our SAP B1 Ecosystem better understand these new tax requirements and provide a path forward.
Since these changes were brought to our attention, we have been working closely with SAP to understand what adjustments need to take place to support these new requirements. Based on our research, testing, and discussions with SAP, we have determined three potential options to support this new requirement:
Beyond these changes to satisfy the short term requirements, we want to ensure that your company is set up to correctly process the 1099-NEC form in 2021. To do so, you will need to upgrade to SAP B1 v10.0 in 2021 which will include the new form and print layout for the 1099-NEC – this is Option 1 above.
To prepare for this upgrade you can add the 1099-NEC form and box and update BP Master Data record for relevant vendors. This will allow you to start tracking the data on the new form 1099-NEC for 2021 and then the upgrade to SAP B1 v10 can be performed at any point during the year. Please follow the steps below to make these changes in preparation for the upgrade.
1. Follow menu path Administration > Setup > Financials > 1099 Table
2. Add a new row for the 1099-NEC form:
3. Click on the new 1099-NEC field and then click on the 1099 Boxes button to open the 1099 Boxes Setup form.
4. Add the new box name, description, and minimum 1099 amount. For the 1099-MISC form, it will be as follows:
1. Navigate to the Business Partner Master Data records that require updating.
2. Click on the accounting tab.
3. Update the 1099 form and box accordingly:
If you are unsure if these changes affect you, or if you are unsure how best to proceed, please feel free to reach out to our support team (support@pioneerb1.com).
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