Tax Print-Forms For 1099-NEC and 1099-MISC Withholding Tax Return in SAP Business ByDesign
The objective of this blog post is to inform you that in SAP Business ByDesign 21.08 release you can find updated print-forms for 1099-NEC Withholding Tax Return and 1099 – MISC Withholding Tax Return.
The Internal Revenue Service (IRS) has published the tax print-forms for the fiscal year 2021. These tax forms must be filed by January 2022.
Box 2 “Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale” is introduced in 1099-NEC Withholding Tax Return print form that involves only text. The business case that should be reported in this box is already reported in the Box 7 of 1099 MISC Withholding Tax Return print form and it is compliant with the Internal Revenue Service specification.
Box 11 “Fish Purchased for Resale” is a new box in 1099-MISC Withholding Tax Return print form. New Income Type with the same title was added to the system. The blog post how to assign this new Income Type to a particular Item and / or Supplier you can find here.
This blog post supports you in applying the regulations for the 1099 Miscellaneous and 1099 Nonemployee Compensation Tax Returns in SAP Business ByDesign.
Should you have any comments or suggestions, please let us know via Comments section below the Blog Post.
Where can we find the XML files to upload and update the 1099-MISC and 1099-NEC Adobe Forms for 2021?
Is there an OSS Note required to download the form for 2021 for ACR use?
Where will we find the PLD or Crystal Report for SAP Business One for 1099-NEC 2021?