Keeping You Up-To-Date With Information About Sage 300
Filing 1099 – NEC and CPRS for Sage 300 for the 2020 Tax Year
By: Net at Work Team
Both the Canadian and US Governments implemented several changes in the 2020 tax year for filing non-employee compensation to individuals and companies for 2020. Sage has incorporated these requirements in the latest product updates for customers who are in the support cycle of N-2.
What does N-2 mean? Sage supports the latest edition (newest release) and two back so new – two versions. This means that the tax updates for the new 1099 and CPRS requirements were added to the 2019, 2020 and 2021 accounts payable module in the product releases that were released in November for version 2021 and December for versions 2020 and 2019. In order to produce the proper 1099 or CPRS filings, you will need to be on one of the following version/product release combinations
Sage 300 version 2021 PU1
Sage 300 version 2020 PU
Sage 300 version 2019 PU
If you are on version 2018 or older, your company needs to upgrade to be able to get these and other essential updates to operate. Several customers are in the process of getting upgrades installed before the January 31, 2021 filing dates (yes, they were moved up in the US by the IRS). If you cannot upgrade at this time, Net at Work has come up with some work around options for consideration. Please reach out to your account manager or email our help desk so that we can get you in the queue.
No matter if you are upgrading, applying one of the product updates above or using a work around, we need to get your company on our schedule as soon as possible to ensure that you can file these taxes in a timely and accurate fashion before January 31st.
Please note, that most of you probably had your vendors who are subject to 1099’s setup as code 7 for the year, so you will also have to do some data manipulation to make the taxes come out in the NEC box of the forms. Our team is here to help guide you through this process. We have created reports and how to’s to assist you through this process and make it as painless as possible.