Form 1099-NEC is a requirement for companies for the 2020 tax year to report nonemployee compensation.
SAP Business ByDesign has implemented changes to generate both the Form 1099-MISC and 1099-NEC. This tip sheet provides step-by-step instructions on the setup of the Tax Arrangement for Form 1099-NEC, create the Tax Return, and release and print the Tax Forms and generate the 1099-NEC’s Form 1096 submission file.
System Assumptions: 1099-MISC is currently setup within the users SAP BYD Tenant. Prerequisites:
PA: The withholding tax is setup on all suppliers.
P1A: Navigate to Supplier Base WoC > Suppliers