Tax Season 2020 just got more complicated…
The IRS has released the 2020 version of Publication 1220, which outlines the communication procedures and transmission formats for many 10-series forms. One of the most notable changes to this year’s publication was presented in that Form 1099-NEC (Nonemployee Compensation) – previously reported on Form 1099-MISC utilizing Box 7 – will NOT be included in the Combined Federal/State Filing (CFS) program. This means that for tax year 2020 there will be no mechanism for the reporting of non-employee compensation to state governments.
Fortunately, Sovos has already been preparing to take on this challenge and is eager to assist your team with all things tax information reporting.
Download our webinar recording and you’ll learn:
- An overview of the new Form 1099-NEC
- The most up-to-date regulatory guidance on Form 1099-NEC’s direct-to-state reporting requirements
- The impact this change may have on your organization, team, and current 1099 process
- And all about our new 1099-NEC direct-to-state reporting service & how we can help
- Summary of the new service offering
- Key differentiators & benefits
Download this informational webinar recording & get prepared for the most convoluted tax season, yet!