I can share some information about the 1099-NEC form, @MiraS.
You'll have to adjust your account and contractor payments if you file 11099-NEC and 1099-MISC. From here, you can edit existing payments to the new accounts.
Here are the steps:
- Create a 1099 Transaction Detail Report.
- Add a new account to your Chart of Accounts to track the separate payments.
- Move the payments to the new account by adding a journal entry or edit existing contractor payments.
- Run a 1099 Transaction Detail Report to validate the changes to your accounts.
Here's how to modify your chart of accounts for your 1099-MISC and 1099-NEC filing. Also, this understanding payment categories for the 1099-MISC and 1099-NEC article to know more about the boxes on Forms 1099-NEC.
To learn more about the 1099 form and how you can prepare for the 2020 tax season, kindly check out this article: What is a 1099 and do I need to file one?. It includes topics about 1099-NEC, 1099-MISC, and steps on how to e-file your 1099's to name a few.
I'm also adding this IRS article for further details about 1099-NEC: Instructions for Forms 1099-MISC and 1099-NEC. It contains the complete set of instructions and the latest information about the form.
Please let me know if you have other concerns. I'm just around to help. Take care always.
