“Only two things are certain in life: death and taxes.”
This quote, or a variation of it, is often credited to Mark Twain. While such a classic quip remains timeless, and therefore could be attributed to a number of commentators, politicians, and satirists throughout history, its earliest record of existence is attributed to Christopher Bullock.
Published in the comedy play “The Cobler <sic> of Preston” in 1716, the exact quote goes: “Tis impossible to be sure of anything but Death and Taxes.”
A little over three hundred years later, and this quote remains truthful.
Every year, the IRS makes certain changes to various forms and instructions. As you may recall, changes were made in 2020 related to how non-employee compensation was reported. The IRS published form 1099-NEC to accommodate that new reporting need.
In January 2021, Microsoft updated the 1099 reporting boxes and forms in Business Central/NAV to accommodate this change for the 2020 reporting year.
As we approach the end of calendar year 2021, the IRS has made additional changes to the 1099-NEC form which is required for calendar year 2021 reporting.
Microsoft has made changes to the 1099-NEC form for calendar year 2021 for certain Business Central/NAV versions. These changes will require either the installation of certain cumulative updates or customization by a developer.
If your company is using Business Central/NAV to prepare 1099-NEC forms for 2021, we ask that you contact your client lead as soon as possible to review the changes needed for your environment to ensure proper reporting.
And if you’re not yet a client of Tigunia, and would like help navigating Business Central/NAV an preparing 1099-NEC forms, please contact us here.