AP: How is Oracle Payables Handling the IRS Mandated Changes for the 2020 Tax Year and Form 1099-NEC?
(Doc ID 2626968.1)
Last updated on AUGUST 18, 2020
Applies to:Oracle Payables - Version 12.1.3 and later
Information in this document applies to any platform.
The Internal Revenue Service (IRS) has published the changes for the 2020 tax year.
The changes will result in Non-Employee Compensation being removed from the 1099-MISC form, and that information will be recorded on a new form, called the 1099-NEC. Continue to code Non-Employee Compensation to Income Tax Type "MISC7".
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