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.
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